The comparative income statement of Madigan Music Co. for the years ended Decemb

Question

The comparative income statement of Madigan Music Co. for the years ended December 31, 2016 and 2015 is as follows: (Click the icon to view the comparative income statement ) Prepare a comparative common sze income statement for Madigan Music Co Round your answers to on-hundredth of a percent X XX% 1. 1 Data Tablie Madigan Music Co. Comparative Common-Size Income Statements Years Ended December 31, 2016 and 2015 2016 Madigan Music Co. Comparative Income Statements Years Ended December 31, 2016 and 2015 2015 Total revenue 2015 2016 S 1080,000 $ Cost of goods sold Selling and general expenses Interest expense Income tax expense 919,000 Total revenue Expenses % Cost of goods sold Selling and general expenses Interest expense Income tax expense Total expenses s 479,000 s 400,450 268,000 14,500 86 850 289,000 Total expenses 24,500 106,500 899,000 181.000 $ 769800 Enter any number in the edit fields and then continue to the next question $ Net income

Explanation / Answer

Comparative common size income statement Year ended December 31, 2016 and 2015 2016 2015 Total Revenue $ 10,80,000 100.00% $ 9,19,000 100.00% Expenses: Cost of goods sold $   4,79,000 44.35% $ 4,00,450 43.57% Sellling and general expenses $   2,89,000 26.76% $ 2,68,000 29.16% Interest expenses $       24,500 2.27% $     14,500 1.58% Income Tax Expensee $   1,06,500 9.86% $     86,850 9.45% Total expenses $   8,99,000 83.24% $ 7,69,800 83.76% Net Income $   1,81,000 16.76% $ 1,49,200 16.24%

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