Solved

Prepare a Comparative Common-Size Income Statement for Clarion,Inc Operating Expenses

Question 86

Essay

Prepare a comparative common-size income statement for Clarion,Inc.for 2019 and 2018 data.(Round percentages to one decimal place.)
Clarion, Inc.
Compartive Inrome Statement
Years Ended December 31, 2019 and 201B 20192018 Net Sales $6,355$4,920 Cost of Coods Sold 3,3702,200 Grox Profit 2,9852,720\begin{array} { l l l } & \underline { 2019 } & \underline { 2018 } \\\text { Net Sales }& \$ 6,355 & \$ 4,920 \\\text { Cost of Coods Sold } & \underline { 3,370 } & \underline { 2,200} \\\text { Grox Profit } & 2,985 & 2,720\end{array}
Operating Expenses:
 Selling Expenses 675580 Administrative Expenses 410425 Total Operating Expenses 1,0851,005 Operating Income 1,9001,715\begin{array} { l l l } \text { Selling Expenses } & 675 & 580\\\text { Administrative Expenses } & \underline { 410 } & \underline { 425 } \\\text { Total Operating Expenses } & \underline { 1,085 } & \underline { 1,005 } \\\text { Operating Income } & 1,900 & 1,715\end{array} Other Income and (Expenses):
 Interest Expense 400)(695) Total Other Income and (Expenses) (400)(695) Income Before Income Taxes 1,5001,020 Income Tax Expense 230210 Net Income $1,270$810\begin{array}{lll}\text { Interest Expense } & \underline{400)} & \underline{(695)} \\\text { Total Other Income and (Expenses) } & \underline{(400)} & \underline{(695)} \\\text { Income Before Income Taxes } & 1,500 & 1,020 \\\text { Income Tax Expense } & \underline{230} & \underline{210} \\\text { Net Income } & \$ 1,270 & \$ 810\end{array}

Correct Answer:

verifed

Verified

Clarion, Inc.
Common-Size Income Stateme...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents