Complete the common-size income statement below:Common-Size Income Statement 2016Revenues$ 29,970%Cost of goods sold(20,030)Gross profit$ 9,940%Operating expenses(8,030)Net operating income$ 1,910%Interest expense(860)Earnings before taxes$ 1,050%Income taxes(382)Net income$ 668%

Formula: Formula: Revenues % = ( Revenues value / Revenues value ) x 100

Complete the common-size income statement below: Common-Size Income Statement 2016 Revenues $ 29,970 % Cost of goods sold Gross profit (20,030) $ 9,940 (8,030) $ 1,910 Operating expenses Net operating income %

Complete the common-size income statement below: Common-Size Income Statement 2016 Revenues $ 29,970 % Cost of goods sold Gross profit (20,030) $ 9,940 (8,030) $ 1,910 Operating expenses Net operating income %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Complete the common-size income statement below:
Common-Size Income Statement 2016
Revenues
$ 29,970
%
Cost of goods sold
(20,030)
Gross profit
$ 9,940
%
Operating expenses
(8,030)
Net operating income
$ 1,910
%
Interest expense
(860)
Earnings before taxes
$ 1,050
%
Income taxes
(382)
Net income
$ 668
%

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