1. Prepare a comparative common-size income statement for Mulberry Designs, Inc. using the 2024 and 2023 data. Round percentages to one-tenth percent (three decimal places).
2. To an investor, how does 2024 compare with 2023? Explain your reasoning.

Refer to the data presented for Mulberry Designs, Inc. in Exercise E-F:15-13.

Data from E-F:15-13

Data for Mulberry Designs, Inc. follow:

Transcribed Image Text:

MULBERRY DESIGNS, INC. Comparative Income Statement Years Ended December 31, 2024 and 2023 Net Sales Revenue Expenses: Cost of Goods Sold Selling and Administrative Expenses Other Expenses Total Expenses Net Income 2024 $ 431,000 203,850 99,000 9,000 311,850 $ 119,150 2023 $ 372,350 186,000 93,250 4,650 283,900 $ 88,450