Question
In: Accounting
Consider the following income statement data from the Ross Company:
Common-Size Income Statements
Consider the following income statement data from the Ross Company:
|
2013 |
2012 |
|
|---|---|---|
|
Sales revenue |
$527,000 |
$452,000 |
|
Cost of goods sold |
338,000 |
281,000 |
|
Selling expenses |
107,000 |
101,000 |
|
Administrative expenses |
60,000 |
54,000 |
|
Income tax expense |
7,800 |
5,400 |
Prepare common-size income statements for each year. Round percentages to one decimal point.
|
ROSS COMPANY |
||||||
|---|---|---|---|---|---|---|
|
2013 |
2012 |
|||||
|
Sales Revenue |
Answer% |
Answer% |
||||
|
Cost of Goods Sold |
Answer% |
Answer% |
||||
|
Answer |
||||||
|
Answer% |
Answer% |
|||||
|
Answer |
||||||
|
Selling Expenses |
Answer% |
Answer% |
|
Administrative Expenses |
Answer% |
Answer% |
|
Total |
Answer% |
Answer% |
|
Income before Income Taxes |
Answer% |
Answer% |
|
Answer |
|
Answer% |
Answer% |
|
Answer |
|
Answer% |
Answer% |
Solutions
Expert Solution
| 2013 | % of sales | 2012 | % of sales | |
| Sales Revenue | 527,000 | 100% | 452,000 | 100% |
| Costs of Goods Sold | 338,000 | 64% | 281,000 | 62% |
| Gross Profit | 189,000 | 36% | 171,000 | 38% |
| Selling Expenses | 107,000 | 20% | 101,000 | 22% |
| Sdministrative Expenses | 60,000 | 11% | 54,000 | 12% |
| Total Expenses | 167,000 | 32% | 155,000 | 34% |
| Income before taxes | 22,000 | 4% | 16,000 | 4% |
| Taxes | 7,800 | 1% | 5,400 | 1% |
| Net Income | 14,200 | 3% | 10,600 | 2% |
ekkarill92 answered 1 year agoRelated Solutions
Consider the following income statement data from the Ross Company:
Common-Size Income StatementsConsider the following income statement data from the Ross Company:
2013
2012
Sales revenue
$527,000
$452,000
Cost of goods sold
338,000
281,000
Selling expenses
107,000
101,000
Administrative expenses
60,000
54,000
Income tax expense
7,800
5,400
Prepare common-size income statements for each year. Round percentages to one decimal point.
ROSS COMPANYCommon-Size Income Statements(Percent of Sales Revenue)
2013
2012
Sales Revenue
Answer
%
Answer
%
Cost of Goods Sold
Answer
...
Common-Size Income Statements Consider the following income statement data from the Ross Company: 2013 2012 Sales...
Common-Size Income Statements
Consider the following income statement data from the Ross
Company:
2013
2012
Sales revenue
$529,000
$454,000
Cost of goods sold
336,000
279,000
Selling expenses
105,000
99,000
Administrative expenses
64,000
58,000
Income tax expense
11,800
9,400
Prepare common-size income statements for each year.
Note: Round answers to one
decimal place (ex: 0.2345 = 23.5%).
ROSS COMPANY
Common-Size Income Statements
(Percent of Sales Revenue)
2013
2012
Sales Revenue
Answer
Answer
Cost of Goods Sold
Answer
Answer
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2020
2019
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64,000
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