Express the following comparative income statements in common-size percents and assess whether or not this company's situation
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GOMEZ CORPORATION
Comparative Income Statements
For Years Ended December 31, 2016 and 2015
___________________________ 2016 ________ 2015
Sales . . . . . . . . . . . . . . . . . . . . . . $740,000 ..... $625,000
Cost of goods sold . . . . . . . . . . . . 560,300 ...... 290,800
Gross profit . . . . . . . . . . . . . . . . . 179, 700 ...... 334,200
Operating expenses . . . . . . . . . . . 128,200 ...... 218,500
Net income . . . . . . . . . . . . . . . . . $ 51,500 ..... $115,700
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259533006
8th edition
Authors: John J. Wild
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