From the following, prepare a common-size income statement for Todd 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 .....................................$500,000................. $500,000
Cost of Goods Sold ..........................390,000.................. 340,000
Gross Profit from Sales .....................110,000................... 160,000
Operating Expenses ...........................58,000.................... 28,000
Net Income ....................................$ 52,000................ $132,000