Revenue and expense data for the current calendar year for Horizon Publishing Company and for the publishing industry are as follows. The Horizon Publishing Company data are expressed in dollars. The publishing industry averages are expressed in percentages.
a. Prepare a common-size income statement comparing the results of operations for Horizon Publishing Company with the industry average. Round to one digit after the decimal place.
b. As far as the data permit, comment on significant relationships revealed by thecomparisons.