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Prepare common size income statements for pellum company a

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Reference no: EM13576700



2011

2010
  Sales $ 511,000
$ 413,000
  Cost of goods sold
330,000

268,000



  Gross profit $ 181,000
$ 145,000
  Operating expenses
130,000

116,000



  Net income $ 51,000
$ 29,000



  

Prepare common size income statements for Pellum Company, a sole proprietorship, for the two years shown above by converting the dollar amounts into percentages. For each year, sales will appear as 100 percent and other items will be expressed as a percentage of sales.
  

2011
2010
  Sales 100%   
100%   
  Cost of goods sold %   
%   


  Gross profit %   
%   
  Operating expenses %   
%   


  Net income %   
%   


Reference no: EM13576700

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