Compute common-size percents for the following comparative income statements spanning 2 years.Comparative Income StatementsFor Years Ended December 31  Current Year Prior YearSales $ 1,210,000 $ 1,010,000Cost of goods sold 786,500 636,300Gross profit 423,500 373,700Operating expenses 302,500 262,600Net income $ 121,000 $ 111,100

Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income? PrevQuestion 4 of 12 Total4 of 12Visit question mapNext

In a common-size income statement, each item on the statement is expressed as a percentage of

Following are comparative balance sheets spanning 3 years. Express the balance sheets in common-size percentages for each year.Comparative Balance SheetsFor Years Ended December 31  Current Year 1 Year Ago 2 Years AgoCash $ 640 $ 525 $ 552Accounts receivable, net 960 1,200 1,104Merchandise inventory 2,000 1,650 1,242Plant assets, net 4,400 4,125 4,002Total assets $ 8,000 $ 7,500 $ 6,900Accounts payable $ 1,600 $ 825 $ 966Long-term notes payable 1,760 1,875 1,518Common stock 3,440 3,675 3,450Retained earnings 1,200 1,125 966Total liabilities and equity $ 8,000 $ 7,500 $ 6,900

Using the financial statements below, calculate the current ratio for the current year. Please calculate to 2 decimal places.Profit and loss statement Current year Prior yearRevenue 14,800 18,500Less Cost of sales 6,000 7,500Gross profit 8,800 11,000Less expenses Wages Expense 5,500 6,500Interest Expense 2,200 2,000Depreciation Expense 1,000 1,200Advertising Expense 900 800Net profit (800) 500BALANCE SHEET Current year Prior yearCurrent assets Cash 14,250 16,700Accounts Receivable 14,000 3,500Inventory 6,000 2,500Prepaid Expenses 650 1,500Non-current assetsProperty Plant Equipment 192,500 193,500Land 210,000 210,000Total assets 437,400 427,700Current liabilitiesAccounts Payable 11,700 4,200Unearned Revenue 3,500 2,000Wages Payable 3,500 2,500Non-current liabilitiesBank Loan 118,000 122,500Total liabilities 136,700 131,200NET ASSETS 300,700 296,500Equity Share Capital 255,000 250,000Retained Earnings 45,700 46,500TOTAL EQUITY 300,700 296,500

Selected information for Alastair Company is as follows: 2012Current assets$450,000Total assets725,000Cost of goods sold700,000Sales revenue915,000Net income145,000 What is the percentage that would be given to sales revenue on a common-size income statement (round to the nearest percent)?