Prepare common-size comparative income statements

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Question - Common-Size Income Statements and Horizontal Analysis

Income statements for Mariners Corp. for the past two years are as follows: (amounts in thousands of dollars)

 

2016

2015

Sales revenue

$60,000

$50,000

Cost of goods sold

42,000

30,000

Gross profit

$18,000

$20,000

Selling and administrative expense

9,000

5,000

Operating income

$9,000

$15,000

Interest expense

2,000

2,000

Income before tax

$7,000

$13,000

Income tax expense

2,000

4,000

Net income

$5,000

$9,000

Required - Prepare common-size comparative income statements for the two years for Mariners Corp. Round percentages to one decimal point.

Reference no: EM132763540

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