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Chapter 17-3

< 3 of 4 (0 complete) HW Score: 0%, 0 of 36 pts Question Help Score: 0 of 10 pts E17-16 (similar to) Data for Verifine Design

omew er 17 Homework 3 of 4 (0 complete) re: 0 of 10 pts HW Score: 0%, 0 -16 (similar to) Question He for Verifine Designs Inc

ent 1 Prepare a comparative common-size income statement for Ventine Designs, Inc. using the 2018 an d percentages to one ten

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Answer #1
Common Size Statement
2018 2017
Amount % Amount %
Net sales revenue $428,950 100.00% $371,000 100.00%
Expenses:
   Cost of goods sold $203,000 47.32% $187,000 50.40%
   Selling and admin expense $100,250 23.37% $94,750 25.54%
   Other expennse $5,000 1.17% $3,250 0.88%
   Total expenses $308,250 71.86% $285,000 76.82%
Net income $120,700 28.14% $86,000 23.18%
Part-2
Net Increase is Increase by (28.14%-23.18%)=4.96% due to substental reduction in Cost of Goods Sold & Other expense
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