Manero Company included the following information in its annual report:
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%.
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