From the Following,complete the Common-Size Income Statement for Isaiah's Sporting

question 70

Essay

From the following,complete the common-size income statement for Isaiah's Sporting Goods using net sales as the base.(Round to nearest tenth of a percent.)
$$\begin{array} { l l l } & \text { Amount } & \text { Percent } \\\text { Net 5ales } & \$ 750,000 & ---- \\ \text { Cost of Goods sold }& 650,000 & ---- \\\text { Grom Profit on sales }& 100,000 & ---- \\\text { Operating Expenses } & 60,000 & ---- \\\text { Net Income }&40,000&----\end{array}$$

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Definitions:

Investment

The allocation of resources, usually money, in the expectation of generating an income or profit.

Gross Investment

The total amount spent on new capital assets before accounting for depreciation, reflecting an economy's investment levels.

Plant And Equipment

Physical assets of a business that are permanent structures or fixed machinery used in operations.

Inventory

The total amount of goods and materials held in stock by a business, intended for sale or production.