eBook Show Me How Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for The electronics industry averages are expressed in percentages. the electronics industry are as follows. Tannenhll's data are expressed in dollars. Tannenhll Electronics Industry Company Average 100 % - Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other revenue $830,000 547,800 $282,200 $166,000 66,400 $232,400 $49,800 16,600 28 15% 6% $66,400 8,300 $58,100 24,900 8% Other expense Income before income tao Income tax expense Net income $33,200 2% a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers Tannenhill Company Common-Sized Income Statement for the Year Ended December 31 Tannenhlill Tannenhill Electronics Company Company Industry AmountPercent Average Sales 100096 24,900 Income tax expense Net income a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the Industry average. If required, round percentages to one $33,200 2% decimal place. Enter all amounts as positive numbers. Tannenhlil Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average $830,000 547,800 $282,200 166,000 100.0% Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses ncome from operations Other revenue 15% $232,400 $49,800 16,600 $86,400 22% Other expense Income before income tax Income tax expense Net income 1% $$8,100 24,900 $33,200 296 b. The company is managing the cost of manufacturing product expenses relative to the industry, V than the industry, and has slightly seiling and administrative The combined impact causes net income as a percent of sales to be than the industry average. Previous Next