Comparative income statements are available for Floatlin Company: Floatlin Compa

Question

Comparative income statements are available for Floatlin Company:

                                                               Floatlin Company

                                             Comparative Statements of Income

                              For the Years Ending December 31, 2X13 and 2X12

                                                                       2X13                     2X12

Sales                                                            $750                      $690

Cost of Goods Sold                                   440                        400

Gross Profit                                               $310                      $290

Less: Operating Expenses                       220                        205

Operating Income                                    $ 90                       $ 85

Less: Income Tax Expense                         40                          37

Net Income                                                 $ 50                       $ 48

Prepare common-size income statements for Floatlin Company for 2X13 and 2X12.

*TEXT, NO PIC PLEASE

Explanation / Answer

Floatin Company Income Statement Years Ended December 31 2013 2012 Particulars Amount Percent Amount Percent Sales $ 750.00 100.00% $ 690.00 100.00% COGS $ 440.00 58.67% $ 400.00 57.97% Gross Profit $ 310.00 41.33% $ 290.00 42.03% Less: Operating Expenses $ 220.00 29.33% $ 205.00 29.71% Operating Income $   90.00 12.00% $   85.00 12.32% Less: Income Tax Expense $   40.00 5.33% $   37.00 5.36% Net Income $   50.00 6.67% $   48.00 6.96%

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