2. In conducting a common-size analysis, every income statement item is divided by ________ and every balance sheet account is divided by _______ _ a. its corresponding base year balance sheet item; its corresponding base year income statement item. b. its corresponding base year income statement item; its corresponding base year balance sheet item. c. net sales or revenues; total assets. (1. total assets; total liabilities and equity. e. total assets; net sales or revenues