Using the following data, (1) Prepare comparative common-size income statements for years 1 and 2 and (2)

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Using the following data,
(1) Prepare comparative common-size income statements for years 1 and 2 and
(2) Briefly outline why return on sales is lower in year 2 (1.8%) compared to year 1(7.0%).

Year 2 Year 1 Sales Cost of goods sold. Gross profit Operating expenses Operating income. Interest expense. Income befor

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1 Year 2 Year 1 Sales 100000 1000 80000 1000 Cost of goods sold 70000 700 50000 625 Gross profit 300...View the full answer

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Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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Question Posted: Dec 27, 2011 09:43 AM

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Using the following data, (1) Prepare comparative common-size income statements for years 1 and 2 and (2)

Question:

Year 2 Year 1 Sales Cost of goods sold. Gross profit Operating expenses Operating income. Interest expense. Income before income taxes Income tax expense Net incorne $80,000 $100,000 70,000 25,000 $ 5,000 2,000 इ 3000 S30,000 $10,000 इ 8,000 इ 5,600 $ 1,800

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1 Year 2 Year 1 Sales 100000 1000 80000 1000 Cost of goods sold 70000 700 50000 625 Gross profit 300...View the full answer

Accounting concepts and applications

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