Question: Exercise 17-4 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

Exercise 17-4 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
2017 2016
$ % $ %
Sales $735,000 $670,000
Cost of goods sold 568,100 284,400
Gross profit 166,900 385,600
Operating expenses 128,000 275,600
Net income $38,900 $110,000

Has the company's situation improved in the most recent year?

multiple choice

  • Yes

  • No

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