Question: From the following, prepare a common-size income statement for Tony 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 Tony Co. by converting the dollar amounts into percentages. (Round to the nearest hundredth of a percent.) Use net sales as100%.

2013 2012 Net Sales Cost of Goods Sold Gross Profit from Sales Operating Expenses Net Income $800,000 560,000 240,000 80,000 $160,000 $600,000 360,000 240,000 60,000 $180,000

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