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Class-prepare a common-size income statement for the McMahon Music Co. Do this in Excel. Do not post your spreadsheet in the discussion, but rather, place a screenshot of it. How did you format the cells? Any suggestions on where to obtain assistance with building the spreadsheet?

Paul

 

E13-19A   Prepare a comparative common-size income statement for McMahon Music, Co.,
using the 2012 and 2011 data below (round to four decimal places).    
           
                                          McMahon Music Co.    
                                Comparative Income Statements    
                          Years Ended December 31, 2012 and 2011    
    2012 2011    
  Total revenue  $ 1,077,000  $ 917,000    
  Expenses:        
  Cost of goods sold  $    477,000  $ 408,750    
  Selling and general expenses        287,000     265,000    
  Interest expense          23,500       13,500    
  Income tax expense        105,500       84,650    
  Total expenses        893,000     771,900    
  Net income  $    184,000  $ 145,100
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