Prepare a comparative common-size income statement for Enchanted Designs, Inc., using the 2007 and 2006 data of
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Prepare a comparative common-size income statement for Enchanted Designs, Inc., using the 2007 and 2006 data of Exercise 17-13 and rounding percentages to one-tenth percent (three decimal places). To an investor, how does 2007 compare with 2006? Explain your reasoning.
Exercise 17-13
Prepare a horizontal analysis of the following comparative income statement of Enchanted Designs, Inc. Round percentage changes to the nearest one-tenth percent (three decimal places):
Why did net income increase by a higher percentage than net sales revenue during 2007?
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