15(14)-3_9e

15(14)-3_9e - $800,000 59.0% Selling expenses $525,000...

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Exercise 15(14)-3 Name: Section: Enter the appropriate amounts in the shaded cells below. A red asterisk (*) will appear to the right of an incorrect amount in the outlined cells. a. JARIBO COMMUNICATIONS COMPANY Common-Size Income Statement For the Year Ended December 31, 20-- Amount Percent Sales $1,265,000 101.0% Sales returns and allowances 15,000 1.0% Net sales $1,250,000 100.0% Cost of goods sold 450,000 41.0% Gross profit
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Unformatted text preview: $800,000 59.0% Selling expenses $525,000 38.0% Administrative expenses 143,750 10.5% Total operating expenses $668,750 48.5% Operating income $131,250 10.5% Other income 22,500 1.2% $153,750 11.7% Other expense 18,750 1.7% Income before income tax $135,000 10.0% Income tax expense 50,000 4.0% Net income $85,000 6.0% b. Jaribo Communications Company Communi- cations Industry Average...
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