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onsider the following income statement data from the Ross Company: 2016 2015 Sales revenue $550,000 $450,000 Cost of goods sold 336,000 279,000 Selling expenses 105,000
onsider the following income statement data from the Ross Company:
| 2016 | 2015 | |
|---|---|---|
| Sales revenue | $550,000 | $450,000 |
| Cost of goods sold | 336,000 | 279,000 |
| Selling expenses | 105,000 | 99,000 |
| Administrative expenses | 60,000 | 50,000 |
| Income tax expense | 7,800 | 5,400 |
Prepare a comparative income statement, showing increases and decreases in dollars and in percentages. (Round to one decimal point.)
| ROSS COMPANY Comparative Income Statements | ||||
|---|---|---|---|---|
| 2016 | 2015 | Increase (Decrease) | Percent Change | |
| Sales Revenue | $ | $ | $ | % |
| Cost of Goods Sold | % | |||
| AnswerGross Profit on SalesOperating ExpensesIncome Tax ExpenseNet Income | % | |||
| AnswerGross Profit on SalesOperating ExpensesIncome Tax ExpenseNet Income | ||||
| Selling Expenses | % | |||
| Administrative Expenses | % | |||
| Total | % | |||
| Income before Income Taxes | % | |||
| AnswerGross Profit on SalesOperating ExpensesIncome Tax ExpenseNet Income | % | |||
| AnswerGross Profit on SalesOperating ExpensesIncome Tax ExpenseNet Income | $ | $ | $ | % |
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Dare To Be Different An Auditors Personal Guide To Excellence
Authors: Daniel Clark
1st Edition
1490772405, 978-1490772400
