Common-Size Financial Statements Below are financial statement data for Wong Shek Company for the years 2008 and 2009.

Required:
1. Prepare common-size financial statements for Wong Shek for 2008 and 2009.
2. Did Wong Shek do better or worse in 2009 compared with 2008? Explain your answer.

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Cash Receivables Inventory Property, plant, and equipment Total assets. Accounts payable Long-term debt Total liabilities Paid-in capital Retained earnings Total liabilities and equity Sales... Cost of goods sold Gross profit Operating expenses Operating profit Interest expense Income before taxes Income tax expense Net income Wong Shek Company Financial Statements For 2008 and 2009 $ $ 500 $ 323 8 62:|:|:| $ 10 27 153 190 $ 380 $ 74 217 $ 291 $ 50 39 $ 380 $ 700 (500) $ 200 (160) $ 40 (22) $ 18 (6) $ 12