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Common Size Income Statements Consider the following income statement data from the Ross Company: 2020 2019 Sales revenue $550,000 $450,000 Cost of goods sold 336,000
Common Size Income Statements
Consider the following income statement data from the Ross Company:
2020 | 2019 | |
---|---|---|
Sales revenue | $550,000 | $450,000 |
Cost of goods sold | 336,000 | 279,000 |
Selling expenses | 105,000 | 99,000 |
Administrative expenses | 60,000 | 50,000 |
Income tax expense | 7,800 | 5,400 |
Prepare a common size income statement (percentages only) for both years. (Round percentages to one decimal.)
can you pleas explain hoe you get this
Ross Company | ||
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Common-Size Income Statements | ||
(Percent of Sales Revenue) | ||
2020 | 2019 | |
Sales revenue | Answer
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Cost of goods sold | Answer
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Gross profit on sales | Answer
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Operating expenses | ||
Selling expenses | Answer
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Administrative expenses | Answer
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Total operating expenses | Answer
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Income before income taxes | Answer
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Income tax expense | Answer
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Net income | Answer
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