Revenue And Expense Data For The Current Calendar Year For Tannenhill Company And For The Electronics Industry Are As Fo 1 (21.01 KiB) Viewed 33 times
Revenue And Expense Data For The Current Calendar Year For Tannenhill Company And For The Electronics Industry Are As Fo 2 (22.3 KiB) Viewed 33 times
Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics Industry are as follows. Tonnenhil's data are expressed in dollars. The electronics industry averages are expressed in percentages Electronics Tannenhin Industry Company Average Sales $1,000,000 100 Cost of merchandise od 59 879,800 5780,200 $498,000 Gross pront Selling expenses Administrative expenses 41 25 10 182,600 35 Total operating expenses Income from operations Other revenge and expenses $680,500 599,600 Other revenue 1 Other expense Income before income tax expense 33,200 (16,600) 5116,200 49,800 7 4 Income tax expense 566,400 Net income 3 a. Prepare a common se income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter amounts as positive numbers
Company Amount Company Percent Industry Average Sales 100.0% $1,660,000 679,500 Cost of merchandise sold 599 Gross pront 5780,200 Selling expenses $495.000 25% Administrative expenses 182,600 10% . Total operating expenses $680,600 35% 599,000 2 Income from operations Other revenge and expense Other even 33,200 Other 116,600) Income before come tax 5116,200 49,500 Income taxe Tuet income 566,400 b. The company managing the cost of manufacturing product than the industry, and has slightly administratie expenses relative to the industry. The combined impact causes net income so percent of sales to be seling and than the industry
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