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Prepare common-size income statements for Price Company, a sole proprietorship, for the two years shown as above by converting the dollar amounts into percentages. For each year, sales will appear as 100 percent and other items will be expressed as a percentage of sales. (Income taxes are not involved as the business is not incorporated.) (Round your percentage value answers to 2 decimal places. i.e. 0.1234 as 12.34%.)

Can you ensure that the rounding is correct I've seen some other options for answers but when I put it in it says it's wrong

Prepare an income statement for the year in a multiple-step format. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign. Round your Earnings per share to 2 decimal places.)

	SPINX, INC. Income Statement For the Year Ended December 31, Current Year

Comparative balance sheets report average total assets for the year of $2,575,000 and average total equity of $1,917,000 (dollar amounts in thousands, except earnings per share).

a. Prepare an income statement for the year in a multiple-step format.

b-1. Compute the gross profit rate.

b-2. Express the net income as a percentage of net sales.

b-3. Compute the return on assets.

b-4. Compute the return on equity for the year.

Compute the return on equity for the year. (Round your percentage answer to 1 decimal place. i.e. 0.1234 as 12.3%.)

Req B1 Gross profit rate%

Req B2 Net income as a percentage of net sales%

Req B3 Return on assets%

Return on equity%

Selected information from the financial statements of Remmer, Inc., includes the following.

		Year 2				Year 1
Net sales	$	2,200,000			$	2,000,000
Total expenses		2,005,000				1,800,000

Req A1

Req A2

Compute the percentage change in year 2 for the amounts of total expenses. (Round your answers to the nearest whole number.)

a-1. Compute the percentage change in year 2 for the amounts of net sales.

a-2. Compute the percentage change in year 2 for the amounts of total expenses.

b-1. State whether the following statement is true or false; Net income increased at a greater percentage rate than did net sales.

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