Common-Size Income Statements Consider the following income statement data from the Ross Company: 2013 2012 Sales revenue $529,000 $454,000 Cost of goods sold 336,000 279,000 Selling expenses 109,000 103,000 Administrative expenses 64,000 58,000 Income tax expense 7,800 5,400 Prepare common-size income statements for each year. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). ROSS COMPANY Common-Size Income Statements (Percent of Sales Revenue) 2013 2012 Sales Revenue 100 % 100 % Cost of Goods Sold 63.5 % 61.5% Gross Profit on Sales 36.5% 38.5 % Operating Expenses Selling Expenses 20.6% 22.796 Administrative Expenses 12.1 % 12.8 % Total 0 % 0 % Income before Income Taxes 3.8 % 3.1 96 Income Tax Expense 1.5% 1.2% Net Income 2.3% 1.9% e