The following financial statement is taken from the records of Jade Inc. Prepare a common-size income statement for 2023 and state all the income statement items as a percentage of sales.

Do not enter dollar signs or commas in the input boxes.

Round your answers to 2 decimal places.

Jade Inc.

Income Statement

For the Year Ended October 31

2023 Percentage

Sales $347,500 Answer%

Cost of Goods Sold $191,125 Answer%

Gross Profit $156,375 Answer%

Operating Expenses:

Advertising $3,700 Answer%

Depreciation $1,740 Answer%

Rent Expense $3,300 Answer%

Salaries and Wages $58,100 Answer%

Utilities $5,000 Answer%

Total Operating Expenses $71,840 Answer%

Other Expenses

Interest $1,570 Answer%

Operating Profit before tax $70,270 Answer%

Income Tax $21,081 Answer%

Net Income $49,189 Answer%