1. Fill in the blanks in the Income Statement and Complete the Common Size State

Question

1. Fill in the blanks in the Income Statement and Complete the Common Size Statement.

Smith Burgers
Income Statements
Jan 1 - Dec 31 2010
2010 2009
Sales $2,900,000 $2,350,000
Cost of Goods 2,030,000 1,645,000
Gross Profit

Depreciation 62,000 58,000
Selling & Admin. Expense 425,000 390,000
Lease Expense 65,000 65,000

Net Operating Income

Interest Expense 112,000 68,000

Earnings Before Taxes

Taxes 72,100 43,400
Net Income ($72,100) ($43,400)

Notes:
Tax Rate 35.00% 35.00%
Shares 38,000 30,000
Earnings per Share ($1.90) ($1.45)

Explanation / Answer

Tax Rate 35.00% 35.00% Shares 38,000 30,000 Earnings per Share ($1.90) ($1.45) Net Income ($72,100) ($43,400)

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