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
Common-Size Income Statements
(Percent of Sales Revenue)
 

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 2 years ago
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