Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.)
GOMEZ CORPORATION
Comparative Income Statements
For years Ended December 31, 2017 and 2016
2017 2016
$ % $ %
Sales $735,000 $695,000
Cost of goods sold 568,100 295,400
Gross profit 166,900 399,600
Operating expenses 130,400 232,400
Net income $36,500 $167,200
Has the company's situation improved in the most recent year?
a. Yes
b. No
Answers: 3
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Express the following comparative income statements in common-size percents. (Round your percentage...
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