Patrick Corporation has the following comparative income statements. Which of th
ID: 2488654 • Letter: P
Question
Patrick Corporation has the following comparative income statements. Which of the following statements is false with regard to this comparative data?
$44,000
$70,000
C) The common-size gross profit percent for 2010 equals (2.38)%
E) Statements B and D are false
D) The common-size cost of goods sold for 2009 equals 53.16%
B) The common-size net income percent for 2009 equals 26.02%
A) The common-size sales percent for 2010 equals 100%
Patrick Corporation has the following comparative income statements. Which of the following statements is false with regard to this comparative data?
Explanation / Answer
The following statements are false:
C) The common-size gross profit percent for 2010 equals (2.38)%
E) Statements B and D are false
Explanation:
The common size gross profit percent for 2010 is 33.98%
Statement B and D both are correct.
Common Size Income statement Years 2010 2009 Particulars Amount($) % Amount($) % Sales 362000 100.00% 269000 100.00% Cost of goods sold 239000 66.02% 143000 53.16% Gross profit 123000 33.98% 126000 46.84% Operating Expenses 79000 21.82% 56000 20.82% Net profit 44000 12.15% 70000 26.02%