i need the fomula for common size in come statement I keep messing up sales/sale
ID: 2387071 • Letter: I
Question
i need the fomula for common size in come statement I keep messing up sales/sales but i have to enter it right.Smith Burgers
Income Statements
Jan 1 - Dec 31 2010
2010 2009
Sales $2,900,000 $2,350,000
Cost of Goods 2,030,000 1,645,000
Gross Profit 870,000 705,000 2
Depreciation 62,000 58,000
Selling & Admin. Expense 425,000 390,000
Lease Expense 65,000 65,000
Net Operating Income 318,000 192,000 2
Interest Expense 112,000 68,000
Earnings Before Taxes 206,000 124,000 2
Taxes 72,100 43,400
Net Income $133,900 $80,600
Notes:
Tax Rate 35.00% 35.00%
Shares 38,000 30,000
Earnings per Share $3.52 $2.69
Smith Burgers
Common Size Income Statements
Jan 1 - Dec 31 2010
2010 2009
Sales
Cost of Goods
Gross Profit
Depreciation
Selling & Admin. Expense
Lease Expense
Net Operating Income
Interest Expense
Earnings Before Taxes
Taxes
Net Income
Explanation / Answer
Smith Burgers Common Size Income Statements 2010 2009 Sales 2,900,000 2,350,000 Cost of Goods 2,030,000 1,645,000 Gross Profit 870000.00 705000.00 Depreciation 62,000 58,000 Selling & Admin. Expense 425,000 390,000 Lease Expense 65,000 65,000 Net Operating Income 318,000 192,000 Interest Expense 112,000 68,000 Earnings Before Taxes (d) 206,000 124,000 Taxes ( d @35% ) 72,100 43,400 Net Income (a) 133,900 80,600 Shares (b) 38,000 30,000 Earnings per share (a/b) 3.52 2.69
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.