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

question 88

Essay

Express the following income statement information in common-size percents (round to nearest whole percent).Comment on the results.
$\begin{array}{c}\text { Thorsten Corp.}\\\text { Comparative Income Statement}\\\text { For Years Ended December 31,2011 and 2010}\\\begin{array}{|l|r|r|}\hline&2011&2010\\\hline\text { Sales } & \$ 1,200,000 & \$ 1,000,000 \\\hline \text { Cost of goods sold } & \underline{804,000} & \underline{650,000} \\\hline \text { Gross profit } & \$ 396,000 & \$ 350,000 \\\hline \text { Selling expenses } & 132,000 & 120,000 \\\hline \text { Administrative expenses } & 180,000 & 150,000 \\\hline \text { Net income } & \$ 84,000 & \$ 80,000 \\\hline\end{array}\end{array}$

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Definitions:

Christian Morality

A set of ethical standards and principles derived from Christian teachings, focusing on concepts like love, compassion, forgiveness, and integrity.

Self-Discipline

The ability to control one's feelings, desires, and actions; actively making decisions and following them through without external pressure or influence.

Religious Freedom

is the principle that supports the freedom of an individual or community to practice any religion they choose, or none at all, without government interference.

Deists

People who believe in deism, a philosophical position that posits the existence of a God or supreme being but denies religion-based revelations, emphasizing reason and the observation of the natural world.