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Category > Accounting Posted 20 Aug 2017 My Price 12.00

Tannenhill Company

Common-sized  income statement

 

Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. The Tannenhill Company data are expressed in dollars. The electronics industry averages are expressed in percentages.

 

 

 

Tannenhill Company

Electronics Industry Average

Sales

$4,000,000

100 .0%

Cost of goods sold

  2,120,000

   60 .0

Gross profit

$1,880,000

   40 .0%

Selling expenses

$1,080,000

24 .0%

Administrative expenses

     640,000

  14 .0

Total operating expenses

$1,720,000

   38 .0%

Operating income

$   160,000

2 .0%

Other income

     120,000

     3 .0

 

$   280,000

5 .0%

Other expense

          80,000

     2 .0

Income before income tax

$   200,000

3 .0%

Income tax expense

          80,000

     2 .0

Net income

$  120,000

1 .0%

 

a.     Prepare a common-sized income statement  comparing  the  results  of  opera- tions for Tannenhill Company with the industry average. Round to one decimal place.

b.    As far as the data permit, comment on significant relationships revealed by the comparisons.

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 08:08 PM My Price 12.00

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