comparative financial statement data for infinity

Question 21 10 pts Comparative financial statement data for Infinity Inc. and Beyond Inc., two competitors in the same industry. appear below. All balance sheet data are as of December 31, 2017, and December 31, 2016. Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current Assets Common Stock. $10 par Retained earnings Non-current liabilities Current liabilities Infinity Inc. 2017 2016 $3,098,070 $2,160,980 $604,550 $17,960 $109,000 $651,950 $624,820 $1,000,000 $1,000,000 $346,920 $293,190 $217,000 $180,000 $130,650 $151,630 Beyond Inc 2017 2016 $678,076 $482,000 $158,000 $4,504 $13,300 $166,672 $158,934 $240,000 $240,000 $76,192 $57,996 $59,240 $50,000 $70,696 $60,562 Prepare a common-size 2017 income statement using the data for Infinity Inc. and Beyond Inc., in columnar form. Some of the data has been prefilled in for you. Complete the rest including calculating gross profit, operating income, earnings before tax, and net income as well as the corresponding profit margins (%). Enter the dollar amounts in the boxes provided in whole dollars (no dollar sign) and enter the profit margins as percentages with no percentage sign. For example, you would enter $1,000 simply as 1000 and 25.64% as 25.64. Infinity Inc. Maltese Company Condensed Income Statement Condensed Income Statement Infinity Inc. Maltese Company Condensed Income Statement Condensed Income Statement For the Year Ended December 31, 2017 For the Year Ended December 31, 2017 Dollars % Dollars % Net sales $3,098,070 100.00% $678,076 100.00% Cost of goods sold $2.160.980 69.75% $482.000 71.08% Gross Pront $604,550 Operating Expenses 19.51% 23.30% $158.000 Operating Income (EBIT) 0.58% $17.960 $4.504 0.66% Interest expense Income before income taxes 3.5% $109.000 $13.300 1.96% Income tax expense 23,096,070 100.00% $678,076 TU0.00% Cost of goods sold $2.160.980 69.75% $482.000 71.08% Gross Profit Operating Expenses $604.550 19.51% $158.000 23.30% Operating Income (EBIT) Interest expense $17.960 0.58% $4,504 0.66% Income before income taxes $109.000 $13.300 3.5% Income tax expense 1.96% Net income