Express the following comparative income statements in common-size percents and assess whether or not this company's situation

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Express the following comparative income statements in common-size percents and assess whether or not this company's situation has improved in the most recent year (round the percents to one decimal).

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2017 2016 Sales 1000 1000 Cost of goods sold 757 465 Gross profit ...View the full answer

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Related Book For book-img-for-question

Fundamental Accounting Principles

ISBN: 978-1259536359

23rd edition

Authors: John Wild, Ken Shaw, Barbara Chiappett

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Question Posted: Mar 24, 2017 01:25 AM

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Express the following comparative income statements in common-size percents and assess whether or not this company's situation

Question:

GOMEZ CORPORATION Comparatve Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 $740,000 $625,000 560,300 290,800 179,700 334,200 128,200 218,500 $ 51,500 $115.700 Sales Cost of goods sold Net income

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2017 2016 Sales 1000 1000 Cost of goods sold 757 465 Gross profit ...View the full answer

Fundamental Accounting Principles

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