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The second step is to prepare a​ common-size income statement for the firm.   Complete the​ common-size income statement​ below:  ​(Round to one decimal​ place.)   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   %

The second step is to prepare a​ common-size income statement for the firm.   Complete the​ common-size income statement​ below:  ​(Round to one decimal​ place.)   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   %

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 25BEB: Jasmine Company provided the following income statements for its first 3 years of operation: Refer...
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b. The second step is to prepare a​ common-size income statement for the firm.
 
Complete the​ common-size income statement​ below:  ​(Round to one decimal​ place.)
 
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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