Question: From the following, prepare a common-size income statement for Timothy Co. by converting the dollar amounts into percentages. (Round to the nearest hundredth of a

From the following, prepare a common-size income statement for Timothy Co. by converting the dollar amounts into percentages. (Round to the nearest hundredth of a percent.) Use net sales as 100%.

...................................2016.................... 2015

Net Sales ..................$450,000.............. $400,000

Cost of Goods Sold....... 330,000............... 355,000

Gross Profit from Sales ...120,000 ...............45,000

Operating Expenses.......... 48,000 ..............16,000

Net Income .................$ 72,000............. $ 29,000

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