Express the Following Income Statement Information in Common-Size Percents (Round

question 2

Essay

Express the following income statement information in common-size percents (round to nearest whole percent). Comment on the results.
THORSTEN CORP.
Comparative Income Statement
For Years Ended December 31,2014 and 2013
$\begin{array}{|l|r|r|}\hline &{2014} & {2013} \\\hline \text { Sales } & \$ 1,200,000 & \$ 1,000,000 \\\hline \text { Cost of goods sold } & \underline{804,000} & \underline{650,000} \\\hline \text { Gross profit } & \$ 396,000 & \$ 350,000 \\\hline \text { Selling expenses } & 132,000 & 120,000 \\\hline \text { Administrative expenses } & 180,000 & 150,000 \\\hline \text { Net income } & \$ 84,000 & \$ 80,000 \\\hline\end{array}$

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Definitions:

Calcium Deposits

Accumulations of calcium salts in body tissues, which can form stones or cause stiffness and pain in joints and muscles.

Corpora Cavernosa

The hollow chambers in the shaft of the clitoris or penis that fill with blood and swell during arousal.

Erectile Disorder

A sexual dysfunction characterized by the inability to develop or maintain an erection of the penis during sexual performance.

Therapists

Professionals trained to provide psychological support and treatment to individuals, couples, or groups to help manage mental health issues, emotional challenges, or psychiatric disorders.