K Part 1 of 2 Points: 0 of 1 Prepare a comparative common-size income statement for...

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K Part 1 of 2 Points: 0 of 1 Prepare a comparative common-size income statement for Sunny Day Corporation. To an investor, how does the current year compare with the prior year? Explain your reasoning. View the comparative income statement Start by calculating the percentages. (Round the percentages to two decimal places, X.XX.) Sunny Day Corporation Comparative Common-Size Income Statement For the Years Ended December 31 Current year Prior year Sales revenues 100.00 % 100.00% Less: Cost of goods sold % % Gross profit % % Less: Operating expenses % % Operating income % % Less: Interest expense % % Income before income taxes % % % % Less: Income tax expense % % Net income Sunny Day Corporation Income Statement For the Years Ended December 31 (amounts in thousands) Current year Prior year Sales revenues $ 567,276 $ 492,550 Less: Cost of goods sold 266,805 248,000 Gross profit $ 300,471 $ 244,550 148,750 140,250 Less: Operating expenses Operating income $ 151,721 $ 104,300 9,020 Less: Interest expense 4,090 Income before income taxes $ 142,701 $ 100,210 25,018 18,422 Less: Income tax expense $ 117,683 $ 81,788 Net income K Part 1 of 2 Points: 0 of 1 Prepare a comparative common-size income statement for Sunny Day Corporation. To an investor, how does the current year compare with the prior year? Explain your reasoning. View the comparative income statement Start by calculating the percentages. (Round the percentages to two decimal places, X.XX.) Sunny Day Corporation Comparative Common-Size Income Statement For the Years Ended December 31 Current year Prior year Sales revenues 100.00 % 100.00% Less: Cost of goods sold % % Gross profit % % Less: Operating expenses % % Operating income % % Less: Interest expense % % Income before income taxes % % % % Less: Income tax expense % % Net income Sunny Day Corporation Income Statement For the Years Ended December 31 (amounts in thousands) Current year Prior year Sales revenues $ 567,276 $ 492,550 Less: Cost of goods sold 266,805 248,000 Gross profit $ 300,471 $ 244,550 148,750 140,250 Less: Operating expenses Operating income $ 151,721 $ 104,300 9,020 Less: Interest expense 4,090 Income before income taxes $ 142,701 $ 100,210 25,018 18,422 Less: Income tax expense $ 117,683 $ 81,788 Net income