question#2

SHOW Me How Calculator 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. - Tannenhill Company Electronics Industry Average Sales 100 % Cost of goods sold Gross profit 26 % Selling expenses 14 % $1,870,000 1,290,300 $579,700 $336,600 130,900 $467,500 $112,200 37,400 Administrative expenses Total operating expenses Operating income Other income $149,600 Other expense Income before income tax Income tax expense 18,700 $130,900 56,100 $74,800 Net income a. Prepare a common-sized Income statement comparing the results of operations for Tannenhill Company with the industry average. I required, round percentages to one decimal place. Enter all amounts as positive numbers. 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 Electronics Industry Average Sales $1,870,000 100.0% Cost of goods sold 1,290,300 74% Gross profit $579,700 Selling expenses $336,600 130,900 Administrative expenses $467,500 Total operating expenses Operating income Other income $112,200 37,400 $149,600 Other expense 18,700 Income before income tax $130,900 Income tax expense 56,100 Net Income $74,800