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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
Income before tax
$7,000
$13,000
Income tax expense
4,000
Net income
$5,000
Required - Prepare common-size comparative income statements for the two years for Mariners Corp. Round percentages to one decimal point.
Determine the weighted-average unit contribution margin. Determine the total number of units that the company must produce to break even.
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