income statement

Project Description:

revenue and expense data for the current calendar year for smith electronics company and for the
electronics industry are as follows. the smith electronics company data are expressed in dollars. the
electronics industry averages are expressed in percentages.
smith electronics
electronics industry
company average
sales $3,140,000 103.0%
sales returns and allowances 6 5,000 3.0%
net sales $3,075,000 100.0%
cost of goods sold 1 ,800,000 60.0%
gross profit $1,275,000 40.0%
selling expenses $613,000 23.0%
administrative expenses 300,000 10.0%
total operating expenses $913,000 33.0%
operating income $362,000 7.0%
other income 23,000 2.5%
$385,000 9.5%
other expense 50,000 1.0%
income before income tax $335,000 8.5%
income tax expense 170,000 5.0%
net income $165,000 3.5%
b. as far as the data permit, comment on significant relationships revealed by the comparisons.
revenue and expense data for the current calendar year for smith electronics company and for the
electronics industry are as follows. the smith electronics company data are expressed in dollars. the
electronics industry averages are expressed in percentages.
a. prepare a common‐sized income statement comparing the results of operations for smiths electronic company with the industry average round to one decimal place.
b. as far as the data permit, comment on significant relationships revealed by the comparisons
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