Question: 1. What is the difference between comparative financial statements and common-size comparative statements?
2. General-purpose financial statements consist of what information?
3. Use the following information for Tipster Corporation to determine the 2010 and 2011 trend percents for net sales using 2010 as the base year.
($ thousands) 2011 2010
Net sales . . . . . . . . . . . . . . . . $201,600 $114,800
Cost of goods sold . . . . . . . . 109,200 60,200