Express the following comparative income statements in common-size percents and assess whether or not this company’s situation has improved in the most recent year.
GERALDO CORPORATION Comparative Income Statements For Years Ended December 31, 2011 and 2010 | ||
| 2011 | 2010 |
Sales | $720,000 | $535,000 |
Cost of goods sold | 475,200 | 280,340 |
Gross profit | 244,800 | 254,660 |
Operating expenses | 151,200 | 103,790 |
Net income | $ 93,600 | $150,870 |
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