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Income statement in common-size percentages

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Reference no: EM13555975

A comparative income statement is given below for Ryder Company:

Ryder Company
Comparative Income Statement

This Year Last Year
Sales $ 7,350,000
$ 5,512,500
Cost of goods sold
4,990,800

3,508,000

Gross margin

2,359,200

2,004,500

Selling and administrative expenses:





Selling expenses
1,480,000

1,078,000
Administrative expenses
706,500

608,000

Total selling and administrative expenses
2,186,500

1,686,000

Net operating income
172,700

318,500
Interest expense
100,000

92,000

Net income before taxes $

72,700
$

226,500

 

The president is concerned that net income is down even though sales have increased during the year. The president is also concerned that administrative expenses have increased because the company made a concerted effort to cut waste out of the organization.

Required:

1. Express each year's income statement in common-size percentages

Reference no: EM13555975

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