Tannenhill Industry Company Average Sales $1,510,000 100 % Cost of goods sold 921,100 67 Gross profit $588,900 33 % Selling expenses $362,400 19 % Administrative expenses 135,900 8. Total operating expenses $498,300 27 % Operating income $90,600 6 % Other revenue 30,200 2 $120,800 8 % Other expense 15,100 1 Income before income tax $105,700 7 % Income tax expense 45,300 5 Net income $60,400 2 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average Sales $1,510,000 % 100.0% Cost of goods sold 921,100 % 67% Gross profit $588,900 % 33% Selling expenses $362,400 % 19% Administrative expenses 135,900 % 8% Total operating expenses $498,300 % 27% Income from operations $90,600 % 6% Other revenue 30,200 % 2% $120,800 % 8% Other expense 15,100 % 1% Income before income tax $105,700 % 7% Income tax expense 45,300 5% Net income $60,400 % 2%

Tannenhill Industry Company Average Sales $1,510,000 100 % Cost of goods sold 921,100 67 Gross profit $588,900 33 % Selling expenses $362,400 19 % Administrative expenses 135,900 8. Total operating expenses $498,300 27 % Operating income $90,600 6 % Other revenue 30,200 2 $120,800 8 % Other expense 15,100 1 Income before income tax $105,700 7 % Income tax expense 45,300 5 Net income $60,400 2 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average Sales $1,510,000 % 100.0% Cost of goods sold 921,100 % 67% Gross profit $588,900 % 33% Selling expenses $362,400 % 19% Administrative expenses 135,900 % 8% Total operating expenses $498,300 % 27% Income from operations $90,600 % 6% Other revenue 30,200 % 2% $120,800 % 8% Other expense 15,100 % 1% Income before income tax $105,700 % 7% Income tax expense 45,300 5% Net income $60,400 % 2%

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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