Prepare a Comparative Common-Size Income Statement for Marion,Inc

question 158

Essay

Prepare a comparative common-size income statement for Marion,Inc.for 2017 and 2016 data.(Round percentages to one decimal place. )
$\begin{array}{c}\text { Marion, Inc.}\\\text { Comparative Income Statement}\\\text { Years Ended December 31, 2017 and 2016}\\\\\begin{array}{lrr}&2017&2016\\\text { Net Sales } & \$ 6,355 & \$ 4,920 \\\text { Cost of Goods Sold } & \underline{3,370} & \underline{2,200} \\\text { Gross Profit } & 2,985 & 2,720\\\text { Operating Expenses: } & & \\\text { Selling Expenses } & 675 & 580 \\\text { Administrative Expenses } & \underline{410} & \underline{425} \\\text { Total Operating Expenses } & \underline{1,085} & \underline{1,005} \\\text { Operating Income } & 1,900 & 1,715 \\\text { Other Revenues and (Expenses): } & &\\\text { Interest Revenue } & 0 & 0 \\\text { Interest Expense } & \underline{(400)} & \underline{(695)} \\\text { Total Other Revenues and (Expenses) } & \underline{(400)} & \underline{(695)} \\\text { Income Before Income Taxes } & 1,500 & 1,020 \\\text { Income Tax Expense } & \underline{\underline{230}} & \underline{\underline{210}} \\\text { Net Income } & \underline{\$ 1,270} & \underline{\$ 810}\end{array}\end{array}$

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Definitions:

Oligodendrocytes

A type of glial cell in the central nervous system responsible for producing and maintaining myelin sheaths around neurons.

Schwann Cells

Specialized cells that myelinate the axons of neurons in the peripheral nervous system, aiding in the rapid transmission of nerve impulses.

Ependymal Cells

Glial cells that line the cavities of the brain and the spinal cord, playing a role in the production of cerebrospinal fluid.

Cerebrospinal Fluid

The clear, protective fluid circulating within the cavities of the brain and spinal cord.