29 Jun Question GERALDO CORPORATION Comparative Income Statements
Question
GERALDO CORPORATION
Comparative Income Statements
For Years Ended December 31, 2011 and 2010
2011
2010
Sales
$
676,000
$
520,000
Cost of goods sold
405,600
312,000
Gross profit
270,400
208,000
Operating expenses
156,000
104,000
Net income
$
114,400
$
104,000
Express the above comparative income statements in common-size percents.(Round your answers to 1 decimal place. Omit the “%” sign in your response.)
2011
2010
Sales
100.0
%
100.0
%
Cost of goods sold
Gross profit
Operating expenses
Net income
%
%
The company’s situation in the most recent year has:
Remained unchanged
Improved
Worsened
2.
Common-Size Percents
Trend Percents
2012
2011
2010
2012
2011
2010
Sales
100.0
%
100.0
%
100.0
%
104.5
%
103.3
%
100.0
%
Cost of goods sold
62.5
61.0
58.2
102.1
108.2
100.0
Total expenses
14.3
13.8
14.1
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