Express the following comparative income statements in common- size percents and assess whether or not this company’s situation has improved in the most recent year.

Question

5 points)

MULAN CORPORATION
Comparative Income Statements
For Years Ended December 31, 2009 and 2008
2009 2008
Sales . . . . . . . . . . . . . . . . . . $ 657,386 $ 488,400
Cost of goods sold . . . . . . . . 427,301 286,202
Gross profit . . . . . . . . . . . . . 230,085 202,198
Operating expenses . . . . . . . 138,051 94,750
Net income . . . . . . . . . . . . . $ 92,034 $ 107,448

Respond Below: 2009 2008

Sales
Cost of goods sold
Gross Profit
Operating expenses
Net income

Answer 1

123