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Category Prior Year Current year Accounts payable 41,400 45,000 Accounts Receivable 115,200 122,400 Accruals 16,200 13,500 Additional Paid in Capital 200,000 216,660 Cash ? ? Common Stock @ Par Value 37,600 42,000 COGS 131,400 171,352
Category Prior Year Current year
Accounts payable 41,400 45,000
Accounts Receivable 115,200 122,400
Accruals 16,200 13,500
Additional Paid in Capital 200,000 216,660
Cash ? ?
Common Stock @ Par Value 37,600 42,000
COGS 131,400 171,352.00
Depreciation Expense 21,600 23,794.00
Interest Expense 16,200 16,828.00
Inventories 111,600 115,200
Long Term Debt 135,000 139,414.00
Net fixed assets 379,043.00 399,600
Notes Payable 59,400 64,800
Operating Expenses(excl. depr) 50,400 62,481.00
Retained Earnings 122,400 136,800
Sales 255,600 337,867.00
Taxes 9,900 18,575.00
What is the entry for the current year's cost of goods sold on a common-sized income sheet?
Expert Solution
Current year's cost of goods sold entry in common size income statement is as follows:
Cost of goods sold percentage in sales = Cost of goods sold / Sales
= 171,352/ 337,867
= 0.5072 or 50.72%
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