P3-20 Common-size statement analysis A common-size income statement for Creek Enter- prises' 2014 operations follows. Using the firm's 2015 income statement presented in Problem 3-18, develop the 2015 common-size income statement and compare it with the 2014 statement. Which areas require further analysis and investigation? Creek Enterprises Common-Size Income Statement for the Year Ended December 31, 2014 Sales revenue ($35,000,000) Less: Cost of goods sold 100.0% 65.9 34.1% Gross profits Less: Operating expenses Selling expense General and administrative expenses Lease expense Depreciation expense 12.7% 6.3 0.6 3.6 23.2 1.5 Total operating expense 10.9% Less: Interest expense Less: Taxes (rate-40%) Less: Preferred stock dividends Operating profits Net profits before taxes Net profits after taxes Earnings available for common stockholders 9.4% 3.8 5.6% 0.1 55%