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Brrunno [24]
2 years ago
9

Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. T

annenhill’s data are expressed in dollars. The electronics industry averages are expressed in percentages. Tannenhill Company Electronics Industry Average Sales $2,480,000 100 % Cost of goods sold 1,587,200 70 Gross profit $892,800 30 % Selling expenses $545,600 17 % Administrative expenses 198,400 7 Total operating expenses $744,000 24 % Operating income $148,800 6 % Other revenue 49,600 2 $198,400 8 % Other expense 24,800 1 Income before income tax $173,600 7 % Income tax expense 74,400 5 Net income $99,200 2 %
Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average.
Business
1 answer:
Dmitry_Shevchenko [17]2 years ago
7 0

Answer:

Explanation:

A common sized income statement is a method of financial statement that express every line item on a financial statement as a percentage of sale for the ease of financial analysis

                             Tannenhill's              %        Industry average

Revenue               2,480,000             100                  100%

Cost of Goods      1,587,200                64                    70

Gross profit           892,800                  36                  30

Selling expenses    545600                 22                    17

Admin expenses     198400                  8                       7

Total ope. Expe.       744000                30                    24

Ope. Income             148600                 6                      6

Other Revenue          49600                  2                      2

                                   198400                 8                      8

Other Expenses         24800                  1                        1

PBIT                             173600                7                       7

Income Tax                  74400                 3                       5

Net Income                  99200                4                       2

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