09-03Ex_5e

09-03Ex_5e - 50,000 2.5% Net sales $2,000,000 100.0% Cost...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Exercise 9-3 Name: Section: Score: 0% Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer. a. SORENSON ELECTRONICS COMPANY Common-Size Income Statement For the Year Ended December 31, 20-- Electronics Sorenson Industry Electronics Company Average Amount Percent Sales $2,050,000 102.5% Sales returns and allowances
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
Background image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 50,000 2.5% Net sales $2,000,000 100.0% Cost of goods sold 1,100,000 61.0% Gross profit $900,000 39.0% Selling expenses $560,000 23.0% Administrative expenses 220,000 10.0% Total operating expenses $780,000 33.0% Operating income $120,000 6.0% Other income 44,000 2.2% $164,000 8.2% Other expense 20,000 1.0% Income before income tax $144,000 7.2% Income tax expense 60,000 5.0% Net income $84,000 2.2% b. Instructions...
View Full Document

Page1 / 3

09-03Ex_5e - 50,000 2.5% Net sales $2,000,000 100.0% Cost...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online