Question: 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.
GERALDO CORPORATION
Comparative Income Statements
For Years Ended December 31, 2011 and 2010
2011 2010
Sales . . . . . . . . . . . . . . . . . . . . . $720,000 $535,000
Cost of goods sold . . . . . . . . . 475,200 280,340
Gross profit . . . . . . . . . . . . . . . 244,800 254,660
Operating expenses . . . . . . . . 151,200 103,790
Net income . . . . . . . . . . . . . . . $ 93,600 $150,870