Class-prepare a common-size income statement for the McMahon Music Co. Do this in Excel. Do not post your spreadsheet in the discussion, but rather, place a screenshot of it. How did you format the cells? Any suggestions on where to obtain assistance with building the spreadsheet?
Paul
| E13-19A Prepare a comparative common-size income statement for McMahon Music, Co., | |||||
| using the 2012 and 2011 data below (round to four decimal places). | |||||
| McMahon Music Co. | |||||
| Comparative Income Statements | |||||
| Years Ended December 31, 2012 and 2011 | |||||
| 2012 | 2011 | ||||
| Total revenue | $ 1,077,000 | $ 917,000 | |||
| Expenses: | |||||
| Cost of goods sold | $ 477,000 | $ 408,750 | |||
| Selling and general expenses | 287,000 | 265,000 | |||
| Interest expense | 23,500 | 13,500 | |||
| Income tax expense | 105,500 | 84,650 | |||
| Total expenses | 893,000 | 771,900 | |||
| Net income | $ 184,000 | $ 145,100 | |||
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