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Common-Size Income Statements Consider the following income statement data from the Ross Company: 2013 2012 Sales revenue $525,000 $450,000 Cost of goods sold 336,000 279,000
Common-Size Income Statements Consider the following income statement data from the Ross Company:
2013 | 2012 | |
---|---|---|
Sales revenue | $525,000 | $450,000 |
Cost of goods sold | 336,000 | 279,000 |
Selling expenses | 107,000 | 101,000 |
Administrative expenses | 62,000 | 56,000 |
Income tax expense | 9,800 | 7,400 |
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 | Answer | Answer | ||
Cost of Goods Sold | Answer | Answer | ||
Gross Profit on Sales | Answer | Answer | ||
Operating Expenses | ||||
Selling Expenses | Answer | Answer | ||
Administrative Expenses | Answer | Answer | ||
Total | Answer | Answer | ||
Income before Income Taxes | Answer | Answer | ||
Income Tax Expense | Answer | Answer | ||
Net Income | Answer | Answer |
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