The comparative income statement of Madigan Music Co. for the years ended December 31, 2021 and...

Transcribed Image Text:

The comparative income statement of Madigan Music Co. for the years ended December 31, 2021 and 2020 is as follows: (Click the icon to view the comparative income statement.) Requirement 1. Prepare a comparative common-size income statement for Madigan Music Co. (Round your answers to one-hundredth of a percent, XXX%. Do not enter the % symbol in any of the input fields.) Madigan Music Co. Comparative Common-Size Income Statements Years Ended December 31, 2021 and 2020 2021 2020 Data table % % Total revenue Expenses: Cost of goods sold % % Selling and general expenses % % Interest expense % % Income tax expense % % Madigan Music Co. Comparative Income Statements Years Ended December 31, 2021 and 2020 2021 2020 $ 1,080,000 $ 919,000 Total expenses % Total revenue Expenses: Net income % % Cost of goods sold $ 479,000 $ 400,450 Selling and general expenses 289,000 263,000 Interest expense 24,500 14,500 106,500 86,850 Income tax expense 899,000 764,800 Total expenses $ 181,000 $ 154,200 Net income Print Done The comparative income statement of Madigan Music Co. for the years ended December 31, 2021 and 2020 is as follows: (Click the icon to view the comparative income statement.) Requirement 1. Prepare a comparative common-size income statement for Madigan Music Co. (Round your answers to one-hundredth of a percent, XXX%. Do not enter the % symbol in any of the input fields.) Madigan Music Co. Comparative Common-Size Income Statements Years Ended December 31, 2021 and 2020 2021 2020 Data table % % Total revenue Expenses: Cost of goods sold % % Selling and general expenses % % Interest expense % % Income tax expense % % Madigan Music Co. Comparative Income Statements Years Ended December 31, 2021 and 2020 2021 2020 $ 1,080,000 $ 919,000 Total expenses % Total revenue Expenses: Net income % % Cost of goods sold $ 479,000 $ 400,450 Selling and general expenses 289,000 263,000 Interest expense 24,500 14,500 106,500 86,850 Income tax expense 899,000 764,800 Total expenses $ 181,000 $ 154,200 Net income Print Done