Table 18-7
Jackson Company Has Prepared the Following Comparative Income

question 134

Essay

Table 18-7
Jackson Company has prepared the following comparative income statement, for 2017, to compare its performance with industry averages:

- Refer to Table 18-7.Prepare a common-size income statement using the format below.(Round all amounts to the nearest tenth of a percent.)
$$\begin{array} { | l | l | l | } \hline & \text { Jackson Co. } & \text { Industry } \\\hline \text { Revenues } & & \\\hline \text { Cost of revenues } & & \\\hline \text { Gross margin } & & \\\hline \text { Operating expenses: } & & \\\hline \text { Sales and marketing expense } & & \\\hline \text { General and administrative expense } & & \\\hline \text { Research and development expense } & & \\\hline \text { Total operating expenses } & & \\\hline & & \\\hline \text { Income before income tax } & & \\\hline \text { Income tax expense } & & \\\hline \text { Net income (loss) } & & \\\hline\end{array}$$

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Definitions:

Black Bread Mold

A common type of fungus that grows on bread and other food items, causing spoilage.

Ascomycota

A phylum of fungi characterized by the formation of spores in a sac-like structure called an ascus.

Zygomycota

A class of fungi characterized by their life cycle including a sexual phase that produces zygospores, often found as molds on food or organic matter.

Economic Importance

The significance of a particular sector, industry, or commodity in contributing to the economic health and growth of a region, country, or global economy.