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tangare [24]
3 years ago
13

Common-Sized Income Statement Revenue and expense data for the current calendar year for Lyons Electronics Company and for the e

lectronics industry are as follows. Lyons Electronics Company data are expressed in dollars. The electronics industry averages are expressed in percentages. Lyons Electronics Company Electronics Industry Average Sales $ 7,500,000 100 % Cost of goods sold (4,125,000) (61.0) Gross profit $3,375,000 39.0 % Selling expenses $(2,250,000) (23.0) % Administrative expenses (525,000) (10.0) Total operating expenses $(2,775,000) (33.0) % Operating income $600,000 6.0 % Other revenue and expense: Other revenue 30,000 3.0 Other expense $(7,500) (1.0) Income before income tax $ 622,500 8.0 % Income tax (187,500) (2.5) Net income $435,000 5.5 % a. Prepare a common-sized income statement comparing the results of operations for Lyons Electronics Company with the industry average. If required, round percentages to one decimal place.
Business
1 answer:
alexandr402 [8]3 years ago
4 0

Answer:

Explanation:

In common sized income statement , each line item is expressed as a percentage of sales turnover and compared to the percentage industry standard for analysis purpose.

                                   Lyon              %              Industry %

Revenue                   7,500,000        100            100

Cost of goods          (4,125,000)        55              61

Gross profit               3,375,000         45             39

Selling expenses     (2,250,000)        30             23

Admin Expenses        (525,000)         7               10

Total Operating Exp   (2,775,000)      37             33

Operating income        600,000         8                6

Other revenue                30,000        0.4              3

Other expenses               (7500)        0.1                1

Income before tax          622,500      8.3              8

Income Tax                      187,500        2.5             2.5

Net Income                     435,000       5.8             5.5

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