Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average Sales $2,320.000 100 % Cost of merchandise sold 1,624,000 73 Gross profit $696,000 27 % Selling expenses $394,400 15 % Administrative expenses 162,400 Total operating expenses $556,800 21 Income from operations $139,200 6 % Other revenue and expense: Other revenue 46,400 Other expense (23,200) Income before income tax expense $162,400 7 % Income tax expense 69,600 Net income $92,800 3 %
Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average Sales $2,320.000 100 % Cost of merchandise sold 1,624,000 73 Gross profit $696,000 27 % Selling expenses $394,400 15 % Administrative expenses 162,400 Total operating expenses $556,800 21 Income from operations $139,200 6 % Other revenue and expense: Other revenue 46,400 Other expense (23,200) Income before income tax expense $162,400 7 % Income tax expense 69,600 Net income $92,800 3 %
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 3E
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