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Analysis of financial statement using horizontal analysis.
Common-size statement analysis
A common-size income statement for Creek Enterprises' 2005 operations follows. Using the firm's 2006 income statement presented in Problem 2-12, develop the 2006 common-size income statement and compare it to the 2005 statement. Which areas require further analysis and investigation?
Creek Enterprises Common-Size Income Statement for the Year Ended December 31, 2005
Sales revenue ($35,000,000)
100.0%
Less: Cost of goods sold
65.9
Gross profits
34.1%
Less: Operating expenses
Selling expense
12.7%
General and administrative expenses
6.3
Lease expense
0.6
Depreciation expense
3.6
Total operating expense
23.2
Operating profits
10.9%
Less: Interest expense
1.5
Net profits before taxes
9.4%
Less: Taxes (rate = 40%)
3.8
Net profits after taxes
5.6%
Less: Preferred stock dividends
0.1
Earnings available for common stockholders
5.5%
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