The consolidated 2011 2010 and 2009 income statements for Corcoran
The consolidated 2011, 2010, and 2009 income statements for Corcoran Inc. and Subsidiaries follow.

Required:
1. Prepare common size income statements for horizontal analysis (in percentage terms, rounded to two decimal places). You do not need to include the actual dollar amounts shown above.
2. Indicate what Corcoran’s 2011, 2010, and 2009 tax rates were on its income before taxes (in percentage terms, rounded to two decimal places).
3. Explain why net income increased by a larger percentage than sales in 2011 and 2010.
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