Not Graded Common-Size Income StatementsConsider the following income statement data from the Ross Company: 20132012Sales revenue$525,000$450,000Cost of goods sold336,000279,000Selling expenses106,000100,000Administrative expenses61,00055,000Income tax expense8,8006,400Prepare common-size income statements for each year. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). ROSS COMPANYCommon-Size Income Statements(Percent of Sales Revenue) 20132012Sales RevenueAnswerAnswerCost of Goods SoldAnswerAnswerAnswerAnswerAnswerAnswer Selling ExpensesAnswerAnswerAdministrative ExpensesAnswerAnswerTotalAnswerAnswerIncome before Income TaxesAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswer

ROSS COMPANYCommon-Size Income Statements(Percent of Sales Revenue) 2013 2012 Sales revenue…

Answered: Consider the following income statement…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 87PSB

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Not Graded

Common-Size Income Statements
Consider the following income statement data from the Ross Company:

	2013	2012
Sales revenue	$525,000	$450,000
Cost of goods sold	336,000	279,000
Selling expenses	106,000	100,000
Administrative expenses	61,000	55,000
Income tax expense	8,800	6,400

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
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

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