PROBLEM 9 Required Express the following income statement information in common size percentages and in trend percentages using Year 1 as the base year (round to nearest percentage) ANSWER Boxham Co Comparative Income Statement For the Years Ended December 31, Common Size Trend Percentage Year 2 Year 1 Year 2 Year 1 Year 2 Year 1 Sales $450,000 $445,000 Cost of goods sold 175,000 185,000 Gross profit $275,000 $260,000 Operating expenses 65,400 42,000 Operating income $209,600 $218,000

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Question: PROBLEM #9 Required: Express the following income statement information in common-size percentages and in trend percentages using Year 1 as the base year (round to

PROBLEM #9

Required:

Express the following income statement information in common-size percentages and in trend percentages using Year 1 as the base year (round to nearest percentage):

ANSWER:

Boxham Co. Comparative Income Statement For the Years Ended December 31,
		Common- Size	Trend Percentage
	Year 2	Year 1	Year 2	Year 1	Year 2	Year 1
Sales	$450,000	$445,000
Cost of goods sold	175,000	185,000
Gross profit	$275,000	$260,000
Operating expenses	65,400	42,000
Operating income	$209,600	$218,000

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