Exercise 13-4 Common-size percent computation and interpretation LO P2

Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.)

GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31, 2017 and 2016 2016 2017 $ $ $ 775,000 $700,000 Sales Cost of goods sold 568,100 295,400 Gross profit 206,900 404,600 Operating expenses 129,200 263,600 $141,000 Net income 77,700 Has the company's situation improved in the most recent year? Yes No