Question

From the French Instrument Corporation second-quarter report ended 2014, do a vertical analysis for the second quarter of 2014. (Input all answers as positive values except other (income) which should be indicated by a minus sign. Round your answers to the nearest hundredth percent.) FRENCH INSTRUMENT CORPORATION AND SUBSIDIARIES Consolidated Statements of Operation (Unaudited) (In thousands of dollars, except share data) SECOND QUARTER 2014 2013 Percent of net Net sales $ 6,806 $ 7,056 Cost of sales 4,104 4,477 Gross margin 2,702 2,579 Expenses: Selling, general and administrative 1,860 1,798 Product development 190 180 Interest expense 113 138 Other (income), net (157) (84) Total expenses 2,006 2,032 Income before income taxes 696 547 Provision for income taxes 279 224 Net income $ 417 $ 323 Net income per common share* $ 0.05 $ 0.03 Weighted average number of common shares and equivalents 6,673,673 6,624,184 *Income per common share reflects the deduction of the preferred stock dividend from net income

Answer 1