Homework: Chapter 13- HW Score: 0.21 of 1 pt 5 of 10 (5 complete) & E13-30B (sim

Question

Homework: Chapter 13- HW Score: 0.21 of 1 pt 5 of 10 (5 complete) & E13-30B (similar to) The comparative income statement of Running Music Co for the years ended December 31, 2016 and 2015 is as follows ?(ock the icon to vew the comparative income statement.) 1. Prepare a comparative common-size income statement for Running Music Co (Round a comparative common-size income statement for Running Muse Co (RoundTable Running Music Co. Comparative Common-Size Income Statements Years Ended December 31,2016 and 2015 Running Music Co. Comparative Income Statements Years Ended December 31, 2016 and 2015 2016 2015 2016 015 Total revenue Expenses: S 844,000 S 934.000 Total revenue Expenses Cost of goods sold Seling and general expenses Interest expense Income tax expense Total expenses Cost of goods sold Selling and general expenses Interest expense Income tax expense Total expenses S 404,000 $ 400,000 234,000 262000 12,000 86,000 760,000 S 112,700 S 174.000 9,300 84,000 731,300 Net income Net income PrintDone Enter any number in the edit fields and then click Check Answer All parts showing Clear All

Explanation / Answer

2016 2017 Revenue 100.00% 100.00% Expenses: Cost of goods sold 47.87% 42.83% Selling and general expenses 27.73% 28.05% Interest expense 1.10% 1.28% Income tax expense 9.95% 9.21% Total expenses 86.65% 81.37% Net income 13.35% 18.63% Note: All figures have been divided by revenues for that year

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