Common-Size Income Statements and Horizontal Analysis

Income statements for Mariners Corp. for the past two years are as follows:

(amounts in thousands of dollars)
	2014	2013
Sales revenue	$63,000	$47,000
Cost of goods sold	43,596	27,354
Gross profit	$19,404	$19,646
Selling and administrative expense	9,009	4,277
Operating income	$10,395	$15,369
Interest expense	2,142	2,142
Income before tax	$8,253	$13,227
Income tax expense	2,400	3,800
Net income. Using the format in Example 13-5, prepare common-size comparative income statements for the two years for Mariners Corp. Round percentages to one decimal point. Using the format in Example 13-2, prepare comparative income statements for Mariners Corp., including columns for the dollars and for the percentage increase or decrease in each item on the statement. Round all percentages to the nearest whole percent. If an answer is zero, enter "0"	$5,853	$9,427