Question 3

Use the following data to prepare a common-size comparative income statement for Old Mill Corporation on December 31, 2016. Round percentages to one-tenth percent.

	2016	2015
Net sales	$1,400,000	$1,200,000
Expenses:
Cost of goods sold	$900,000	$780,000
Selling and general expenses	250,000	220,000
Interest expense	55,000	52,000
Income tax expense	64,000	48,000
Total expenses	$1,269,000	$1,100,000
Net income	$131,000	$100,000