Expush the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal...


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Expush the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal location.) GOMEZ CORPORATION nts Comparative Income Statements For Years Ended December 31, 2017 and also 2016 ePublication 2017 2016 Hint Sales $ 745,000 $ 665,000 References Cost of products offered 568, 100 295,400 176,900 Gross profit 369,600 Operating expenses Net earnings 130,400 246,800 $122,800 46,500

Common dimension revenue Statements

For the years finished December 31, 2017 and also 2016

2017 2016
Sales $745,000 100% $665,000 100%
Cost of goods sold 568,100 76.3% 295,400 44.4%
Gross profit 176,900 23.7% 369,600 55.6%
Operating expenses 130,400 17.5% 246,800 37.1%
Net income $46,500 6.2% $122,800 18.5%

Percentages for 2017

Cost of products marketed (%) = Cost of goods sold/Sales

= 568,100/745,000

= 76.3%

Gross profit (%) = Gross profit/Sales

= 176,900/745,000

= 23.7%

Operating costs (%) = Operating expenses/Sales

= 130,400/745,000

= 17.5%

Net income (%) = Net income/Sales

= 46,500/745,000

= 6.2%

Percentages for 2016

Cost of items marketed (%) = Cost of products sold/Sales

= 295,400/665,000

= 44.4%

Gross profit (%) = Gross profit/Sales

= 369,600/665,000

= 55.6%

Operating costs (%) = Operating expenses/Sales

= 246,800/665,000

= 37.1%

Net income (%) = Net income/Sales

= 122,800/665,000

= 18.5%


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