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Common Size Income Statements Consider the following income statement data from the Ross Company:
| | 2019 | 2020 |
| Sales revenue | $945,000 | $1,100,000 |
| Cost of goods sold | $599,850 | $705,600 |
| Selling expenses | $212,850 | $220,500 |
| Administrative expenses | $107,500 | $126,000 |
| Income tax expense | $11610 | $16,380 |
Prepare a common size income statement (percentages only) for both years. (Round to one decimal.)
| Ross Company |
|---|
| Common-Size Income Statements |
|---|
| (Percent of Sales Revenue) |
|---|
| | 2020 | 2019 |
| Sales revenue | Answer | Answer |
| Cost of goods sold | Answer | Answer |
| Gross profit on sales | Answer | Answer |
| Operating expenses | | |
| Selling expenses | Answer | Answer |
| Administrative expenses | Answer | Answer |
| Total operating expenses | Answer | Answer |
| Income before income taxes | Answer | Answer |
| Income tax expense | Answer | Answer |
| Net income | Answer | Answer |
Answer & Explanation
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