BUS 208 - Principles of Accounting || Homework Assignment 6 Chapter 17 Revenue and expense data for the current calendar year for Smith Electronics Company and for the electronics industry are as follows. The Smith Electronics Company data are expressed in dollars. The electronics industry averages are expressed in percentages. Smith Electronics Company Electronics Industry Average Sales Sales returns and allowances Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other income $3,142,000 150,000 $2,992,000 1,850,000 $1,142,000 $750,000 257,000 $1,007,000 $135,000 50,000 $185,000 42,500 $142,500 76,000 $66,500 103.0% 3.0% 100.0% 60.0% 40.0% 23.0% 10.0% 33.0% 7.0% 1.5% 8.5% 1.0% 7.5% 5.0% 2.5% Other expense Income before income tax Income tax expense Net Income a. Prepare a common-sized income statement comparing the results of operations for Smith Electronics Company with the industry average Round to one decimal place. b. As far as the data permit, comment on significant relationships revealed by the comparisons