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Prepare a Comparative Common-Size Income Statement for Marion,Inc

Question 66

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Prepare a comparative common-size income statement for Marion,Inc.for 2017 and 2016 data.(Round percentages to one decimal place. )
 Marion, Inc. Comparative Income Statement Years Ended December 31, 2017 and 201620172016 Net Sales $6,355$4,920 Cost of Goods Sold 3,3702,200 Gross Profit 2,9852,720 Operating Expenses:  Selling Expenses 675580 Administrative Expenses 410425 Total Operating Expenses 1,0851,005 Operating Income 1,9001,715 Other Revenues and (Expenses):  Interest Revenue 00 Interest Expense (400)(695) Total Other Revenues and (Expenses) (400)(695) Income Before Income Taxes 1,5001,020 Income Tax Expense 230210 Net Income $1,270$810\begin{array}{c}\text { Marion, Inc.}\\\text { Comparative Income Statement}\\\text { Years Ended December 31, 2017 and 2016}\\\\\begin{array}{lrr}&2017&2016\\\text { Net Sales } & \$ 6,355 & \$ 4,920 \\\text { Cost of Goods Sold } & \underline{3,370} & \underline{2,200} \\\text { Gross Profit } & 2,985 & 2,720\\\text { Operating Expenses: } & & \\\text { Selling Expenses } & 675 & 580 \\\text { Administrative Expenses } & \underline{410} & \underline{425} \\\text { Total Operating Expenses } & \underline{1,085} & \underline{1,005} \\\text { Operating Income } & 1,900 & 1,715 \\\text { Other Revenues and (Expenses): } & &\\\text { Interest Revenue } & 0 & 0 \\\text { Interest Expense } & \underline{(400)} & \underline{(695)} \\\text { Total Other Revenues and (Expenses) } & \underline{(400)} & \underline{(695)} \\\text { Income Before Income Taxes } & 1,500 & 1,020 \\\text { Income Tax Expense } & \underline{\underline{230}} & \underline{\underline{210}} \\\text { Net Income } & \underline{\$ 1,270} & \underline{\$ 810}\end{array}\end{array}

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