Express the following comparative income statements in common size percents and assess whether or not this company’s situation has improved in the most recent year.
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GERALDO CORPORATION Comparative Income Statements For Years Ended December 31,2011 and 2010 |
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Sales |
$720,000 |
$535,000 |
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Cost of goods sold |
475,200 |
280,340 |
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Gross profit |
244,800 |
254,660 |
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Operating expenses |
151,200 |
103,790 |
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Net income |
$ 93,600 |
$150,870 |