Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Fill in the blanks :) thank you 68 18 % Revenue and expense data for the current calendar year for Tannenhill Company and for the
Fill in the blanks :) thank you
68 18 % Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average Sales $910,000 100 % Cost of goods sold 591,500 Gross profit $318,500 32 % Selling expenses $191,100 Administrative expenses 72,800 8 Total operating expenses $263,900 26 % Operating income $54,600 6 % Other income 18,200 $72,800 8 % Other expense 9,100 Income before income tax $63,700 7 % Income tax expense 27,300 Net income $36,400 2 % 2 1 5 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 Tannenhill Company Amount Tannenhill Company Percent $910,000 % 591,500 Sales Electronics Industry Average 100.0% 68% % Cost of goods sold Gross profit Selling expenses $318,500 % 32% % 18% $191,100 72,800 Administrative expenses % 8% Total operating expenses $263,900 % 26% % 6% Operating income Other income $54,600 18,200 % 2% $72,800 % 8% % 1% Other expense 9,100 Income before income tax $63,700 Income tax expense 27,300 % 7% % 5% Net income $36,400 % 2%Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started