Prepare common-size income statements. (round your answers to one decimal place, x. x%.) jeter verdenet sales revenue $8,000 $19,000cost of good sold 4,872 13,946other expanses 2,632 4,123net income 496 931

Explanation:

                                     Jeter Versus Verde

                     Common-size income statements (Partial)

                               Year Ended December 31

Particulars                                Jeter              Verde

Net sales Revenue                  100%              100%

Cost of Good sold                   60.9%             73.4%

Other expenses                      32.9%              21.7%

Net income                              6.2%                4.9%

The workings are shown below

Particulars                          Jeter                         Verde

Net sales Revenue            $8,000                    $19,000

Cost of Good sold             $4,872                      $13,946

Other expenses                 $2,632                      $4,123

Net income                         $496                         $931

The percentage is

= Items ÷ revenues × 100

For cost of goods sold for Jeter, it would be

= ($4,872 ÷ $8,000) × 100

= 60.9%

The same formula is applied for other items also.

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