The following information was drawn from the records of Toner
The following information was drawn from the records of Toner Sales Company:
Required
a. Prepare a multistep income statement for each year.
b. Prepare a common size income statement for each year.
c. At a recent meeting of the stockholders, Toner’s president stated 2018 would be a very good year with net income rising significantly. Write a brief memo explaining whether you agree or disagree with the president. Assume that the operating trends between 2016 and 2017 continue through 2018.
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