Show Me How Revenue and expense data for the current calendar year for Tannenhil
ID: 2599035 • Letter: S
Question
Show Me How Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as folows. Tannenhirs data are expressed in dollars. The electronics industry averages are expressed in percentages Tannenhil Company 100% 70 30% 17% Cost of goods sold Gross profit Seling expenses Administrative expenses al operating expenses Operating income $293,700 169,100 1,200 $240,300 $53,400 17,800 $71,200 8,900 $62,300 26,700 $35,600 24% 6% Other income 8% Other expense Income before income tax Income tax expense Net income a. Prepare a common-sized income statement compering the results of operations percentages to one decimal place. Enter all amounts as positive sumbers for Tannenhill Company with the industry average i industry average If required, round anne Company All work saved 0 5 6 0Explanation / Answer
Answer
Amount
Percent
Sales
890000
100%
Cost of Goods Sold
596300
67%
Gross Profit
293700
33%
Selling Expenses
169100
19%
Administrative expenses
71200
8%
Total operating expenses
240300
27%
Operating Income
53400
6%
Other Income
17800
2%
71200
8%
Other expenses
8900
1%
Income before income tax
62300
7%
Income tax expense
26700
3%
Net Income
35600
4%
Amount
Percent
Sales
890000
100%
Cost of Goods Sold
596300
67%
Gross Profit
293700
33%
Selling Expenses
169100
19%
Administrative expenses
71200
8%
Total operating expenses
240300
27%
Operating Income
53400
6%
Other Income
17800
2%
71200
8%
Other expenses
8900
1%
Income before income tax
62300
7%
Income tax expense
26700
3%
Net Income
35600
4%