Express the comparative balance sheets of Otis, Inc., from SE 6 as common-size statements and comment on the changes from 2011 to 2012.

In SE 6, the comparative income statements and balance sheets of Otis, Inc., appear below. Compute the amount and percentage changes for the income statements and comment on the changes from 2011 to 2012. (Round the percentage changes to one decimal place.

(Round computations to one decimal place.)

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Otis, Inc. Comparative Income Statements For the Years Ended December 31, 2012 and 2011 2012 2011 Net sales Cost of goods sold Gross margin Operating expenses Operating income Interest expense Income before income taxes Income taxes expense Net Income Eanings per share 360,000290,000 224,000176,000 136,000 114,000 60,000 $ 56,000 54,000 10,000 42,000 44,000 16,000 s 28,000 28,000 52.80 2.80 80,000 14,000 14,000 Otis, Inc. Comparative Balance Sheets December 31, 2012 and 2011 2012 2011 Assets s 48,000 260,000 $308,000 $ 40,000 200,000 $240,000 Current assets Property, plant, and equipment (net) Total assets Liabilities and Stockholders'Equity 36,000 180,000 Current liabilitles Long-term liabilities Stockholders'equity Total llabilitles and stockholders equity 44,000 120,000 76,000 $240,000 $308,000