Prepare a comparative common-size income statement for Clarion, Inc. for 2019 and 2018 data. (Round percentages...
Prepare a comparative common-size income statement for Clarion, Inc. for 2019 and 2018 data. (Round percentages to one decimal place.)
Clarion, Inc. Comparative Income Statement
Years Ended December 31, 2019 and 2018
2019 2018
Net Sales $ 6,355 $ 4,920
Cost of Goods Sold 3,370 2,200
Gross Profit 2,985 2,720
Operating Expenses:
Selling Expenses 675 580
Administrative Expenses 410 425
Total Operating Expenses 1,085 1,005
Operating Income 1,900 1,715
Other Income and (Expenses):
Interest Expense (400) (695)
Total Other Income and (Expenses) (400) (695)
Income Before Income Taxes 1,500 1,020
Income Tax Expense 230 210
Net Income $ 1,270 $ 810
Homework Answers
| 2019 | 2018 | Changes | |
| Net Sales | 6355 | 4920 | +1435 |
| Less: COGS | 3370 | 2200 | -1170 |
| Gross Profit | 2985 | 2720 | +265 |
| Selling exp | 675 | 580 | -95 |
| Admin exp. | 410 | 425 | +15 |
| Operating income | 1900 | 1715 | +185 |
| Less: Interest Expense | 400 | 695 | +295 |
| EBT | 1500 | 1020 | +480 |
| Less: Taxes | 230 | 210 | -20 |
| Net Income | 1270 | 810 | +460 |
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Prepare a comparative common-size income statement for Clarion,
Inc. for 2019 and 2018 data. (Round percentages...
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