OAKBROOK COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 |
2017 |
2016 |
||
Sales |
$ 980 |
$ 850 |
|
Less cost of goods sold |
525 |
415 |
|
Gross profit |
455 |
435 |
|
Less operating expenses: |
|||
Wage expense |
90 |
88 |
|
Depreciation expense |
18 |
12 |
|
Rent expense |
23 |
20 |
|
Miscellaneous expense |
24 |
36 |
|
Total operating expenses |
155 |
156 |
|
Operating income |
300 |
279 |
|
Less other expenses: |
|||
Interest |
9 |
33 |
|
Income before tax |
291 |
246 |
|
Less income tax expense |
116 |
98 |
|
Net income |
$ 175 |
$ 148 |
Using common-size analysis, what percentage would be attributable
to the 2017 wage expense of Oakbrook Company?
Select one:
A. 10.2 percent
B. 5.2 percent
C. 9.2 percent
D. 33.2 percent
OAKBROOK COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 |
2017 |
2016 |
||
Sales |
$ 980 |
$ 850 |
|
Less cost of goods sold |
525 |
415 |
|
Gross profit |
455 |
435 |
|
Less operating expenses: |
|||
Wage expense |
90 |
88 |
|
Depreciation expense |
18 |
12 |
|
Rent expense |
23 |
20 |
|
Miscellaneous expense |
24 |
36 |
|
Total operating expenses |
155 |
156 |
|
Operating income |
300 |
279 |
|
Less other expenses: |
|||
Interest |
9 |
33 |
|
Income before tax |
291 |
246 |
|
Less income tax expense |
116 |
98 |
|
Net income |
$ 175 |
$ 148 |
Using common-size analysis, what percentage would be attributable
to the 2017 income tax expense of Oakbrook Company?
Select one:
A. 20.3 percent
B. 5.1 percent
C. 5.4 percent
D. 11.8 percent
2017 | % | ||||
1 | Wages expense | 90 | 9.2% | (90/980) | Correct answer is C |
2 | Income tax expense | 116 | 11.8% | (116/980) | Correct answer is D |
OAKBROOK COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales...
OAKBROOK COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales $ 980 $ 850 Less cost of goods sold 525 415 Gross profit 455 435 Less operating expenses: Wage expense 90 88 Depreciation expense 18 12 Rent expense 23 20 Miscellaneous expense 24 36 Total operating expenses 155 156 Operating income 300 279 Less other expenses: Interest 9 33 Income before tax 291 246 Less income tax expense 116 98 Net income $ 175...
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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 1,000 12,000 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses $19,000 $15,000 100 $18,000 $14,900 9,000 $ 6,000 5,900 $ 700 600 2,000 500 300 $ 3,810 3,400 $ 2,190 $2,500 500 $ 1,630 2,000 800 $ 990 $1,200 Depreciation 2,200 550 360 Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes...
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