Express the following comparative income statements in common-size percents (vertical analysis). (Round your percentage answers...
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Accounting
Express the following comparative income statements in common-size percents (vertical analysis). (Round your percentage answers to 1 decimal place.)
| GOMEZ CORPORATION | ||||||
| Comparative Income Statements | ||||||
| For Years Ended December 31, 2018 and 2017 | ||||||
| 2018 | 2017 | |||||
| $ | % | $ | % | |||
| Sales | $740,000 | ? | $625,000 | ? | ||
| Cost of goods sold | 560,300 | ? | 290,800 | ? | ||
| Gross profit | 179,700 | ? | 334,200 | ? | ||
| Operating expenses | 128,200 | ? | 218,500 | ? | ||
| Net income | $51,500 | ? | $115,700 | ? | ||
What is your analysis of the companys situation? (comment on each of the line item changes).
| Sales: |
| Cost of Goods Sold: |
| Gross Profit: |
| Operating Expenses: |
| Net Income: |
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