Assignment
Manero Company included the following information in its annual report:
|
|
2016
|
2015
|
2014
|
|
Sales
|
$178,400
|
$162,500
|
$155,500
|
|
Cost of goods sold
|
115,000
|
102,500
|
100,000
|
|
Operating expenses
|
50,000
|
50,000
|
45,000
|
|
Net income
|
13,400
|
10,000
|
10,500
|
Refer to Manero. In a common size income statement for 2016, the operating expenses are expressed as
a. 28.0%.
b. 30.3%.
c. 43.8%.
d. 100.0%.
In a trend income statement where 2014 is the base year, sales for 2014 are expressed as
a. 84.4%.
b. 92.6%.
c. 100.0%.
d. 150.5%.
In a trend income statement where 2014 is the base year, sales for 2016 are expressed as
a. 87.2%.
b. 100.0%.
c. 114.7%.
d. 148.7%.