The following is a comparative income statements of Geraldo Corporation:
GERALDO CORPORATION
Comparative Income Statements
For Years Ended December 31, 2011 and 2010
2011 2010
Sales $ 1,053,000 $ 810,000
Cost of goods sold 526,500 405,000
Gross profit 526,500 405,000
Operating expenses 243,000 162,000
Net income $ 283,500 $ 243,000
Express the above comparative income statements in common size percents. (Round your answers to 1 decimal place. Omit the “%” sign in your response.)
2011 2010
Sales 100.0 % 100.0 %
Cost of goods sold
Gross profit
Operating expenses
Net income % %
The company’s situation in the most recent year has:
Improved
Worsened
Remained unchanged