OMP 420 E01

This assignment requires you to analyze the financial transactions of Rickey Retail using Microsoft Excel.

Open the attached Excel file. The file includes two tables:

The first table contains details about Rickey Retail’s financial transactions.

The second table is blank and intended for your analysis.

Prepare the Income Statement:

Use the information provided in the first table to calculate Rickey Retail’s income statement for the period covered.

Fill out the blank table in the second sheet to calculate the final Net Income

Calculate Common-Size Income Statement:

Next to the Current Year Income Statement, calculate the common-size income statement for this year.

Express each line item in the common-size statement as a percentage of Net Sales.

Instructions: Using financial information from table 1 and fill out the answers in blank table 2 below
Rickey’s Retail has the following financial information for the most recent accounting period.
Gross Sales
Sales Returns & Allowances
Cost of Goods Sold
Rent Expense
Interest Expense
Income Tax Expense
Depreciation Expense
Salaries Expense
Util’ Ex ense
$ 900,000.00
$ 50,000.00
$ 500,000.00
$ 90,000.00
$ 1,000.00
$ 15,000.00
$ 6,000.00
$ 100,000.00
$ 30,000.00
Prepare an income statement in the space below and complete the common-size income statement for Rickey’s Retail using
Items
Rickey’s Income Statement
Current Year Current Year %
for Rickey’s Retail using the information above