Common-size statement analysis A common-size income statement for Creek Enterprises' 2018 operations follows Using the firm's 2019 income statement develop the 2019 common-size income statement and compare it to the 2018 statement. Which areas require further analysis and investigation? Complete the common-size income statement for the year ending December 31, 2019 and compare it to the common-size income statement for the year ending December 2018: (Round to one decimal place.) 100.0 % 65.7 Creek En Krprises Common-Size Income Statement for the Years Ended December 31, 2018 and December 2019 2019 2018 Sales revenue 100.0% Less: Cost of goods sold 70.01 Gross profits % Less: Operating expenses Selling expense % 12.7 % General and administrative expenses 6.3 Lease expense 0.3 34.3% ? Enter any number in the edit fields and then click Check Answer. Common-size statement analysis A common-size income statement for Creek Enterprises' 2018 operations follows Using the firm's 2019 income statement, develop the 2019 common-size income statement and compare it to the 2018statement. Which areas require further analysis and investigation? Less: Operating expenses Selling expense General and administrative expenses 1% 12.7 % 6.3 Lease expense 0.3 3.8 23.1 % 11.2 % 1.2 % 10.0 % Depreciation expense Total operating expense Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate = 40%) Net profits after taxes Less: Preferred stock dividends Earnings available for common stockholders 4.0 6.0 % 0.2 % 5.8% han ? Chark Answer Click the icon here in order to copy the contents of the data table below into a preadsheet.) 100.0 % 65.7 34.3 % Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($34,996,000) ess: Cost of goods sold Gross profits ess: Operating expenses Selling expense 12.7 % General and administrative expenses 16.3 Lease expense 0.3 3.8 Depreciation expense Total operating expense Dperating profits ess: Interest expense Vet profits before taxes ess: Taxes (rate = 40%) Het profits after taxes ess: Preferred stock dividends Earnings available for common stockholders 23.1 11.2 % 1.2 10.0 % 4.0 6.0 % 0.2 5.8 % Drint Anna Creek Enterprises Income Statement for the Year Ended December 31, 2019 Sales revenue $29,976,000 Less: Cost of goods sold 20,977,000 Gross profits $8,999,000 Less: Operating expenses Selling expense $3,040,000 General and administrative expenses 1,803,000 Lease expense 182,000 Depreciation expense 1,028,000 Total operating expense 6,053,000 Operating profits $2,946,000 Less: Interest expense 978,000 Net profits before taxes $1.968,000 787,200 Less: Taxes (rate = 40%) Net profits after taxes $1,180,800 Less: Preferred stock dividends 93,000 $1,087,800 Earnings available for common stockholders