Question
Question 3 Use the following data to prepare a common-size comparative income statement for Old Mill Corporation on December 31, 2016. Round percentages to one-tenth
Question 3
Use the following data to prepare a common-size comparative income statement for Old Mill Corporation on December 31, 2016. Round percentages to one-tenth percent.
|
| 2016 | 2015 |
| Net sales | $1,400,000 | $1,200,000 |
| Expenses: |
|
|
| Cost of goods sold | $900,000 | $780,000 |
| Selling and general expenses | 250,000 | 220,000 |
| Interest expense | 55,000 | 52,000 |
| Income tax expense | 64,000 | 48,000 |
| Total expenses | $1,269,000 | $1,100,000 |
| Net income | $131,000 | $100,000 |
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
16th Edition
78110939, 978-0078110931
