Prepare a comparative common-size income statement for Norman Music Co., using the 2018 and 2017 data of
Question:
Prepare a comparative common-size income statement for Norman Music Co., using the 2018 and 2017 data of E12-16A and rounding to four decimal places.
Data from E12-16A
Prepare a horizontal analysis of the comparative income statements of Norman Music Co. Round percentage changes to the nearest one-tenth percent (three decimal places).
Transcribed Image Text:
A1 Norman Music Co. Comparative Income Statements Years Ended December 31, 2018 and 2017 2018 2017 2 3 Total revenue 4 Expenses: Cost of goods sold Selling and general expenses Interest expense Income tax expense $ 1,080,000 $ 919,000 $ 479,000 289,000 24,500 106,500 899,000 $ 181,000 $ 400,450 260,000 14,500 86,850 761,800 $ 157,200 Total expenses 9. 10 Net income 11
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Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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