Common-size statement analysis A common-size income statement for Creek Enterprises' 2018 operations follows Using the Firm's 2019 income statement develop the 2019 common-size income statement and compare it to the 2018 statement. Which areas require further analysis and investigation? Complete the common-size income statement for the year ending December 31, 2019 and compare it to the common-size income statement for the year ending December 2018: (Round to one decimal place.) Creek Enterprises Common-Size Income Statement for the Years Ended December 31, 2018 and December 2019 2019 2018 Sales revenue 100.0 % 65.9 % 34.1 % Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense General and administrative expenses % 12.7 % 6.5 Lease expense 0.4 Depreciation expense 3.7 Enter any number in the edit fields and then click Check Answer. % 34.1 % % 12.7 % 6.5 0.4 3.7 Gross profits Less: Operating expenses Selling expense General and administrative expenses Lease expense Depreciation expense Total operating expense Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate=40%) Net profits after taxes Less: Preferred stock dividends 23.3 % 10.8% 16 % 9.2 % 3.7 % 5.5% 0.2 Earnings available for common stockholders % 5.3 % i Data Table - (Click the icon here in order to copy the contents of the data table below into a spreadsheet.) 100.0 % 65.9 34.1 % Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($34,978,000) Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense 12.7 % General and administrative expenses 6.5 Lease expense 0.4 Depreciation expense 3.7 Total operating expense Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate = 40%) Net profits after taxes Less: Preferred stock dividends Earnings available for common stockholders 23.3 10.8 % 1.6 9.2 % 3.7 5.5 % 0.2 5.3 % Print Done Clear All Check Answer (Click the icon here in order to copy the contents of the data table below into a spreadsheet.) Creek Enterprises Income Statement for the Year Ended December 31, 2019 Sales revenue $30,042,000 Less: Cost of goods sold 21,026,000 Gross profits $9,016,000 Less: Operating expenses Selling expense $2,974,000 General and administrative expenses 1,848,000 Lease expense 171,000 Depreciation expense 1,047,000 Total operating expense 6,040,000 Operating profits $2,976,000 Less: Interest expense 957,000 Net profits before taxes $2,019,000 Less: Taxes (rate = 40%) 807,600 Net profits after taxes $1,211,400 Less: Preferred stock dividends 115,000 Earnings available for common stockholders $1,096,400 Print Done