Using the following information prepare a common size income statement: $$\begin{array} { l r }
\text { Net sales } & \$ 9,500 \
\text { Cost of goods sold } & 5,900 \
\text { Gross profit } & \$ 3,600 \
\text { General and administrative expenses } & 1,250 \
\text { Selling expenses } & 920 \
\text { Operating profit } & \$ 1,430 \
\text { Income tax expense } & 460 \
\text { Net profit } & \$ 970
\end{array}$$

Question

Using the following information prepare a common size income statement: $$\begin{array} { l r } 
\text { Net sales } & \$ 9,500 \
\text { Cost of goods sold } & 5,900 \
\text { Gross profit } & \$ 3,600 \
\text { General and administrative expenses } & 1,250 \
\text { Selling expenses } & 920 \
\text { Operating profit } & \$ 1,430 \
\text { Income tax expense } & 460 \
\text { Net profit } & \$ 970
\end{array}$$

Quizplus · Accepted Answer

The Answer of Using the following information prepare a common size income statement: $$\begin{array} { l r } 
\text { Net sales } & \$ 9,500 \
\text { Cost of goods sold } & 5,900 \
\text { Gross profit } & \$ 3,600 \
\text { General and administrative expenses } & 1,250 \
\text { Selling expenses } & 920 \
\text { Operating profit } & \$ 1,430 \
\text { Income tax expense } & 460 \
\text { Net profit } & \$ 970
\end{array}$$

Using the Following Information Prepare a Common Size Income Statement