Question

Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal...

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
Current Year Prior Year
$ % $ %
Sales $800,000 100.0 $630,000 100.0
Cost of goods sold 562,700 297,600
Gross profit 237,300 332,400
Operating expenses 130,400 279,200
Net income $106,900 $53,200
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