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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
Print CJ' rule
| Particulars | Amount $ | Amount $ | % | % | % | % |
| 2022 | 2021 | |||||
| Sales | $29,961,000 | 100.00% | 100.00% | |||
| Less: Cost of Goods Sold | $20,964,000 | 69.97% | 65.80% | |||
| Gross Profit | $8,997,000 | 30.03% | 34.20% | |||
| Less: Operating Expenses | ||||||
| Selling Expenses | 3028000 | 10.11% | 12.50% | |||
| General and Adm Exp. | 1826000 | 6.09% | 6.50% | |||
| Lease Exp. | 182000 | 0.61% | 0.30% | |||
| Depreciation | 1022000 | 3.41% | 3.60% | |||
| Total Operating Expenses | 6058000 | 20.22% | 22.90% | |||
| Operating Profit | $2,939,000 | 9.81% | 11.30% | |||
| Less: Interest Exp | 976000 | 3.26% | 1.80% | |||
| Net Profit before tax | $1,963,000 | 6.55% | 9.50% | |||
| Less: Tax (rate = 21%) | 412230 | 1.38% | 2.00% | |||
| Net Profit after tax | $1,550,770 | 5.18% | 7.50% | |||
| Less: Preferred stock dividend | 142000 | 0.47% | 0.20% | |||
| Earning available for common stockholders | $1,408,770 | 4.70% | 7.30% |
