Following is the condensed comparative income statement of Patrick Electric Corporation.

Required
1. Express the income statement data in trend percentages. Round to the nearest tenth of a percent ( three decimal places).
2. Comment on any significant relationships revealed by thepercentages.

Transcribed Image Text:

Patrick Electric Corporation Comparative Income Statement For Years Ended December 31, 2011, 2012, 2013 (in thousands) Net Sales Cost of Goods Sold Gross Profit Operating Expenses: 2011 $9,900 5.700 $4.200 2012 $10,175 5,861 4,314 2013 $11.301 6,791 4.510 Selling Expenses $1,235 1.249 1263 817 2061 2080 $2.275 $2.263 2.430 486 1.944 General Expenses 690 802 Total Operating Expensee Income Before Income Taxes Income Tax Expense Net income 400 462 $1,875 1,801 $94