{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T05:54:00-04:00", "answer_date": "2024-06-28 05:54:00", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4250991", "url": "\/study-help\/questions\/the-following-financial-statement-is-taken-from-the-records-of-4250991", "question_creation_date_js": "2024-06-28T05:54:00-04:00", "question_creation_date": "Jun 28, 2024 05:54 AM", "meta_title": "[Solved] The following financial statement is take | SolutionInn", "meta_description": "Answer of - The following financial statement is taken from the records of Jade Inc. Prepare a common-size income statement for 20 | SolutionInn", "meta_keywords": "financial,statement,records,jade,inc,prepare,common-size,income,2020,state,items,percentage", "question_title_h1": "The following financial statement is taken from the records of Jade Inc. Prepare a common-size income statement for 2020 and state all the income statement", "question_title": "The following financial statement is taken from the records of Jade Inc.", "question_title_for_js_snippet": "The following financial statement is taken from the records of Jade Inc Prepare a common size income statement for 2020 and state all the income statement items as a percentage of net 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 March 31 2020 Percentage Sales $314,600 19 Cost of Goods Sold $151,008 Gross Profit $163,592 Operating Expenses Advertising $3,500 1 Depreciation $1,920 Rent Expense $3,500 1 Salaries and Wages $48,500 1 Utilities $8,800 Total Operating Expenses $66,220 Other Expenses Interest $2,750 Operating Profit before tax $63,470 Income Tax $19,041 Net Income $44,429", "question_description": "

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\"image<\/div><\/div><\/div> The following financial statement is taken from the records of Jade Inc. Prepare a common-size income statement for 2020 and state all the income statement items as a percentage of net 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 March 31 2020 Percentage Sales $314,600 19% Cost of Goods Sold $151,008 % Gross Profit $163,592 % Operating Expenses: Advertising $3,500 1% Depreciation $1,920 % Rent Expense $3,500 1% Salaries and Wages $48,500 1% Utilities $8,800 % Total Operating Expenses $66,220 Other Expenses Interest $2,750 Operating Profit before tax $63,470 % Income Tax $19,041 % Net Income $44,429", "transcribed_text": "", "related_book": { "title": "Managerial Accounting Tools for Business Decision Making", "isbn": "978-1118334331, 1118334337, 978-1119036449, 1119036445, 978-1119036432", "edition": "7th edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1003.jpg", "uri": "\/textbooks\/managerial-accounting-tools-for-business-decision-making-7th-edition-1003", "see_more_uri": "" }, "free_related_book": { "isbn": "1456492187", "uri": "\/textbooks\/windshield-repair-business-start-up-guide-1st-edition-978-1456492182-274604", "name": "Windshield Repair Business Start Up Guide", "edition": "1st Edition" }, "question_posted": "2024-06-28 05:54:00", "see_more_questions_link": "\/study-help\/questions\/business-management-leadership-2023-June-05", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/what-is-the-buildingblocks-concept-how-is-it-applied-to", "description": "What is the building-blocks concept? 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