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engagenow.com/ilm/takeAssignment/takeAssignment Main.do?invoker&takeAssignmentSessionLocator=&inprogress-false ent Calculator Common-Size Income Statements and Horizontal Analysis Income statements for Mariners Corp. for the past two years are as follows: Sales revence Cost of goods sold Gross profit Selling and administrative expense Operating income Interest expense Income before tax Income tax expense Net income (amounts in thousands of dollars) 2017 2016 $59,910 $49,600 42,010 30,080 $17,900 $19,520 9,200 4,510 $8,700 $15,010 2,230 2,230 $6,479 $12,780 2,490 3,890 $3,980 $8,890 Required: 1. Using the formatin Example 13-5, prepare common-size comparative Income statements for the two years for Mariners Corp. Round percentages to one decimal point. Mariners Corp. Common-Size Comparative Income Statements For The Years Ended December 31, 2017 And 2016 (In Thousands of Dollars) 2017 Dollars 2017 Percent 2016 Dollars 2016 Percent Previous 30.09 All work saved Email Instructor Save and Submit Assignment for Grading w.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Calculator Mariners Corp. Common-Size Comparative Income Statements For The Years Ended December 31, 2017 And 2016 (In Thousands of Dollars) 2017 Dollars 2017 Percent 2016 Dollars 2016 Percent % % Gross profit % % 96 % % Net income % 1. Based on Mariner's common size statements in 2017 compared to 2016, it can be concluded that a. all of these are true. b gross profit as a percentage of sales declined due to higher cost of goods sold. c.net income decreased both in dollars and as a percentage of sales. d. selling and administrative expenses increased both in dollars as well as percentage of sales (prom Assignment/takeAssignment Main.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Calculator 3. Using the format in Example 13-2, prepare comparative income statements for Mariners Corp., Including columns for the dollars and for the percentage increase or decrease in each item on the statement. Round all percentages to the nearest whole percent. If an answer is zero, enter "o". Mariners Corp. Comparative Statements of Income For The Years Ended December 31, 2017 And 2016 December 31, 2017 December 31, 2016 Increase/Decrease Dollars Increase/Decrease (Percent) % Gross profit Not income 4. Identify the two items on the income statement that experienced the largest change from one year to the next. For each of these items, where you would look to find additional information about the change 3. Selling and administration expense, and for information refer to individual expense records

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