Refer to the data presented for McCormick Designs, Inc. in Exercise E17-15.
In Exercise E17-15
Data for McCormick Designs, Inc. follow:

Requirements
1. Prepare a comparative common-size income statement for McCormick Designs, Inc. using the 2016 and 2015 data. Round percentages to one-tenth percent (three decimal places).
2. To an investor, how does 2016 compare with 2015? Explain your reasoning.

Transcribed Image Text:

MCCORMICK DESIGNS, INC. Comparative Income Statement Years Ended December 31, 2016 and 2015 2016 2015 Net Sales Revenue $ 431,250 373,000 Expenses: Cost of Goods Sold Selling and Administrative Expenses Other Expenses Total Expenses 202,000 100,050 8,000 310,050 S121,200 189,000 92,550 2,150 283,700 89,300 Net Income