Data for Martin Corp Prepare a Comparative Common-Size Income Statement for Each Company for

question 42

Essay

Data for Martin Corp.and Tante,Inc.follow:
$\begin{array}{lll}& \text { Martin } & \text { Tante } \\\text { Net Sales } & \$ 25,000 & \$ 32,500 \\\text { Cost of Goods Sold } & 18,500 & 22,360 \\\text { Other Expenses } & 2,150 & 5,000 \\\text { Net Income } & \$ 4,350 & \$ 5,140\end{array}$ Prepare a comparative common-size income statement for each company for the year ending December 31,2017.Round to two decimal places.Use a multi-step format for the income statement.

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Definitions:

Income

The monetary amount received by an individual or entity in exchange for labor, services, or investment.

Price

The amount of money or compensation exchanged for the ownership or use of a good or service.

Apples

A type of fruit that comes in various colors and flavors, commonly grown in temperate climates.

Perfect Complements

Goods that are consumed together in fixed proportions, such that the consumer regards them as inseparable in use.