The following condensed income statement is for Boston Inc. Boston Inc. Income Statement Years ended...
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Accounting
The following condensed income statement is for Boston Inc. Boston Inc. Income Statement Years ended December 31, 2017 and 2016 (in thousands) 2017 2016 Net sales $ 25,000 $18,000 Cost of goods sold 13,000 9,000 Gross margin 12,000 9,000 Selling and administrative expenses 3,000 2,000 Operating income 9,000 7,000 Other expense, net 300 200 Income before taxes 8,700 6,800 Income tax expense 800 400 Net income $ 7,900 $ 6,400 Required: Prepare a common-size analysis of the income statements for 2016 and 2017. (Round percent computations to one decimal place.)
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