The Abercrombie Supply Company reported the following information for 2011. Prepare a commonsize income statement for the year ended June 30, 2011.
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Abercrombie Supply Company Income Statement for the Fiscal Year Ended June 30, 2011 ($ thousands)
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Net sales
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$ 2,110,965
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Cost of goods sold
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1,459,455
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Selling and administrative expenses
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312,044
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Nonrecurring expenses
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27,215
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Earnings before interest, taxes, depreciation, and amortization (EBITDA)
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$ 312,251
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Depreciation
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112,178
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Earnings before interest and taxes (EBIT)
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$ 200,073
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Interest expense
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117,587
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Earnings before taxes (EBT)
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$ 82,486
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Taxes (35%)
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28,870
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Net income
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$ 53,616
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