From the following, prepare a common-size income statement for Tony Co. by converting the dollar amounts into
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From the following, prepare a common-size income statement for Tony Co. by converting the dollar amounts into percentages. (Round to the nearest hundredth of a percent.) Use net sales as100%.
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Net Sales Cost of Goods Sold Gross Profit from Sales Operating Expenses Net Income 2013 $600,000 390,000 210,000 60,000 $150,000 2012 $400,000 200,000 200,000 40,000 $160,000
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