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Homework answers / question archive / ?Common-size statement analysis A? common-size income statement for Creek? Enterprises' 2021 operations follows ?,develop the 2022 ?common-size income statement and compare it to the 2021 ?common-size statement
?Common-size statement analysis A? common-size income statement for Creek? Enterprises' 2021 operations follows
?,develop the 2022 ?common-size income statement and compare it to the 2021 ?common-size statement. Which areas require further analysis and? investigation?
(Click the icon here in order to copy the contents of the data table below into a spreadsheet.)
Creek Enterprises Income Statement for the Year Ended December 31, 2022
Sales revenue Less: Cost of goods sold Gross profits Less: Operating expenses $29,961,000 20,964,000 $8,997,000 Selling expense $3,028,000 General and administrative expenses 1,826,000 Lease expense 182,000 Depreciation expense 1,022,000 Total operating expense 6,058,000 Operating profits $2,939,000 Less: Interest expense 976,000 Net profits before taxes $1,963,000 Less: Taxes (rate = 21%) 412,230 Net profits after taxes $1,550,770 Less: Preferred stock dividends 142,000 Earnings available for common stockholders $1,408,770
Data Table
(Click the icon here in order to copy the contents of the data table below into a spreadsheet.)
Creek Enterprises Income Statement for the Year Ended December 31, 2021
Sales revenue ($34,978,000) Less: Cost of goods sold Gross profits Less: Operating expenses (%) (%) 100.0 65.8 34.2 Selling expense 12.5 General and administrative expenses 6.5 Lease expense 0.3 Depreciation expense 3.6 Total operating expense 22.9 Operating profits 11.3 Less: Interest expense 1.8 Net profits before taxes 9.5 Less: Taxes (rate = 21%) 2.0 Net profits after taxes 7.5 Less: Preferred stock dividends 0.2 Earnings available for common stockholders 7.3
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