com/ilmy/takeAssignment/takeAssignmentMain.do?inwoker-&takeAssignmentSessionLocator-assignment-take&inprogress-false Show Me How Video Calculator eBook Print Itenm Common Sized Income Statement Revenue and expense data for the current calendar year for Sorenson Electronics Company and for the electronics industry are as follows. Sorenson Electronics Company data are expressed in dolars. The electronics industry averages are expressed in Sorenson Electronics Industry Sales $2,200,000 (1,232,000) $968,000 $(594,000) (220,000) $(814,000) $154,000 100 % Cost of goods sold (62) Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other revenue and expense: Other revenue Other expense 38% (16) % (16) (32) % 6% 44,000 (22,000) $176,000 (66,000) $110,000 Income before income tax Income tax expense Net income 7% 2% a. Prepare a common-sized income statement comparing the results of operations for Sorenson Electronics Company with the industry average. If required, round percentages to one decimal place Sorenson Electronics Company Common Sized Income Statement Sorenson Electronics Sorenson Electronics Electronics Inoustry Company Percent Average Company Amount 100% Sales (62)% 2,000) Cost of Goods Sold PreviouS Next Check My Work 10 more Check My Work uses remaining. Save and Exit Submit Assignment for Gradingg 223 PM 5/11/2019 revenue and expense: Other revenue Other expense Income before income tax Income tax expense Net income 44,000 (22,000) $176,000 (66,000) $110,000 7% 2% a. Prepare a common-sized income statement comparing the results of operations for Sorenson Electronics Company with the industry average. If required, round percentages to one decimal place. Company Common-Sized Income Statement Sorenson Electronics Sorenson Electronics Electronics Industry Company Amount Company Percent Average Sales $2,200,000 (1,232,000) $968,000 $(594,000) (220,000) (814,000) 100% (62)% 38% (16)% (16)% (32)% 6% Cost of Goods Sold Gross profit Selling Expenses Administrative Expenses Total operating expenses Operating income Other revenue and expense Other reverue other expense $154,000 ( O 44,000 ( % 4% (22,000) $176,000 (66,000) $110,000 (3)% Income before income tax Income tax expense Net income (5)% 2% b. Which of the following statements is true about Sorenson Electronics Company? Previo Check My Work 10 more Check My Work uses remaining Save and Exit Submit Assi com/ilmy/takeAssignment/takeAssignmentMain.do?inwoker-&takeAssignmentSessionLocator-assignment-take&inprogress-false Show Me How Video Calculator eBook Print Itenm Common Sized Income Statement Revenue and expense data for the current calendar year for Sorenson Electronics Company and for the electronics industry are as follows. Sorenson Electronics Company data are expressed in dolars. The electronics industry averages are expressed in Sorenson Electronics Industry Sales $2,200,000 (1,232,000) $968,000 $(594,000) (220,000) $(814,000) $154,000 100 % Cost of goods sold (62) Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other revenue and expense: Other revenue Other expense 38% (16) % (16) (32) % 6% 44,000 (22,000) $176,000 (66,000) $110,000 Income before income tax Income tax expense Net income 7% 2% a. Prepare a common-sized income statement comparing the results of operations for Sorenson Electronics Company with the industry average. If required, round percentages to one decimal place Sorenson Electronics Company Common Sized Income Statement Sorenson Electronics Sorenson Electronics Electronics Inoustry Company Percent Average Company Amount 100% Sales (62)% 2,000) Cost of Goods Sold PreviouS Next Check My Work 10 more Check My Work uses remaining. Save and Exit Submit Assignment for Gradingg 223 PM 5/11/2019 revenue and expense: Other revenue Other expense Income before income tax Income tax expense Net income 44,000 (22,000) $176,000 (66,000) $110,000 7% 2% a. Prepare a common-sized income statement comparing the results of operations for Sorenson Electronics Company with the industry average. If required, round percentages to one decimal place. Company Common-Sized Income Statement Sorenson Electronics Sorenson Electronics Electronics Industry Company Amount Company Percent Average Sales $2,200,000 (1,232,000) $968,000 $(594,000) (220,000) (814,000) 100% (62)% 38% (16)% (16)% (32)% 6% Cost of Goods Sold Gross profit Selling Expenses Administrative Expenses Total operating expenses Operating income Other revenue and expense Other reverue other expense $154,000 ( O 44,000 ( % 4% (22,000) $176,000 (66,000) $110,000 (3)% Income before income tax Income tax expense Net income (5)% 2% b. Which of the following statements is true about Sorenson Electronics Company? Previo Check My Work 10 more Check My Work uses remaining Save and Exit Submit Assi