Question 3 Use the following data to prepare a common-size comparative income statement for Old Mill...

Question 3

Use the following data to prepare a common-size comparative income statement for Old Mill Corporation on December 31, 2016. Round percentages to one-tenth percent.

A step by step detail would be most helpful

	2016	2015
Net sales	$1,151,000	$1,350,000
Expenses:
Cost of goods sold	$980,000	$860,000
Selling and general expenses	290,000	230,000
Interest expense	59,000	59,000
Income tax expense	71,000	53,000
Total expenses	$1,400,000	$1,202,000
Net income	$110,000	$148,000

Expert Solution

ekkarill92 answered 1 year ago

Use the following data to prepare a common-size comparative income statement for Old Mill Corporation on...

Use the following data to prepare a common-size comparative income statement for Old Mill Corporation on December 31, 2016. Round percentages to one-tenth percent. 2016 2015 Net sales $1,151,000 $1,350,000 Expenses: Cost of goods sold $980,000 $860,000 Selling and general expenses 290,000 230,000 Interest expense 59,000 59,000 Income tax expense 71,000 53,000 Total expenses $1,400,000 $1,202,000 Net income $110,000 $148,000

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