The Abercrombie Supply Company reported the following information for 2014. Prepare a common-size income statement for the year ended June 30, 2014.
Abercrombie Supply Company
Income Statement for the Fiscal Year Ended June 30, 2014 ($ thousands)
Net sales ................................................................................ $2,110,965
Cost of goods sold....................................................................... 1,459,455
Selling and administrative expenses ................................................... 312,044
Nonrecurring expenses .................................................................... 27,215
Earnings before interest, taxes, depreciation, and amortization (EBITDA) .... $ 312,251
Depreciation ............................................................................... 112,178
Earnings before interest and taxes (EBIT) .......................................... $ 200,073
Interest expense ........................................................................... 117,587
Earnings before taxes (EBT) ............................................................ $ 82,486
Taxes (35%) .................................................................................. 28,870
Net income ................................................................................. $ 53,616