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	$58,000	$49,000
Cost of goods sold	41,296	29,596
Gross profit	$16,704	$19,404
Selling and administrative expense	8,410	4,557
Operating income	$8,294	$14,847
Interest expense	1,972	1,972
Income before tax	$6,322	$12,875
Income tax expense	1,800	3,700
Net income	$4,522	$9,175

and

Hide 1. 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. Mariners Corp. Common-size Comparative Income Statements For The Years Ended December 31, 2014 And 2013 (In Thousands of Dollars) 2014 Dollars 2013 Dollars 2014 Percent 2013 Percent Sales revenue Cost goods cid Gross profit Selling and administrative exp Operating income nterest expense Income before tax Income tax expense Net income