Solution-Prepare common-size comparative income statements

Prepare common-size comparative income statements

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Reference no: EM132763540

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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Prepare common-size comparative income statements

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Reference no: EM132763540

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