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Week 12 class 2 - Week 12 class 2(20-30 min Req 1 P 13-2A...

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Week 12 class 2 (20-30 min.) P 13-2A Req. 1 Super Audio Inc. Common-Size Income Statement Compared to Industry Average For the Year Ended December 31, 2007 Super Audio Industry Average Net sales……………………………………… 100.0% 100.0% Cost of goods sold…………………………. 48 .0 52 .0 Gross margin………………………….……. 52.0 48.0 Operating expenses……………………….. 37 .5 36 .0 Operating income………………………….. 14.5 12.0 Other expenses……………………………... 2 .0 1 .0 Net income…………………………………… 12 .5 % 11 .0 % Super Audio Inc. Common-Size Balance Sheet Compared to Industry Average As at December 31, 2007 Super Audio Industry Average Current assets………………………………. 72.8% 65.0% Capital assets, net…………………………. 20.9 29.0 Intangible assets, net………………………. 0.9 0.8 Other assets…………………………………. 5 .4 5 .2 Total assets………………………………….. 100 .0 % 100 .0 % Current liabilities……………………………. 45.1% 50.9% Long-term liabilities………………………… 13.8 16.6 Shareholders’ equity………………………... 41 .1 32 .5 Total liabilities and shareholders’ equity.. 100 .0 % 100 .0 %
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