Given below is the income statement of McMahon Company for the year ended December 31. $\begin{array}{ll}
\text { Cost of goods sold } & \underline{\$ 72} \
\text { Gross profit } & \$ 614 \
\text { Less operating expenses } & \underline{436} \
\text { Operating inc ome } & \$ 178 \
\text { Less income tax expense } & \underline{66} \
\text { Net income } & \underline{\$ 112}
\end{array}$ Required:
Prepare a common- size income statement.

Question

Quizplus · Accepted Answer

The Answer of Given below is the income statement of McMahon Company for the year ended December 31. $\begin{array}{ll}
\text { Cost of goods sold } & \underline{\$ 72} \
\text { Gross profit } & \$ 614 \
\text { Less operating expenses } & \underline{436} \
\text { Operating inc ome } & \$ 178 \
\text { Less income tax expense } & \underline{66} \
\text { Net income } & \underline{\$ 112}
\end{array}$ Required:
Prepare a common- size income statement.

Given Below Is the Income Statement of McMahon Company for the Year