Common Size Income Statements

Consider the following income statement data from the Ross Company:

	2020	2019
Sales revenue	$825,000	$697,500
Cost of goods sold	537,600	435,240
Selling expenses	168,000	154,440
Administrative expenses	96,000	78,000
Income tax expense	12,480	8,424

Prepare a common size income statement (percentages only) for both years. (Round to one decimal.)

Ross Company
Common-Size Income Statements
(Percent of Sales Revenue)
	2020	2019
Sales revenue	Answer	Answer
Cost of goods sold	Answer	Answer
Gross profit on sales	Answer	Answer
Operating expenses
Selling expenses	Answer	Answer
Administrative expenses	Answer	Answer
Total operating expenses	Answer	Answer
Income before income taxes	Answer	Answer
Income tax expense	Answer	Answer
Net income