Comparative income statements are available for Floatlin Company:

Floatlin Company

Comparative Statements of Income

For the Years Ending December 31, 2X13 and 2X12

2X13 2X12

Sales $750 $690

Cost of Goods Sold 440 400

Gross Profit $310 $290

Less: Operating Expenses 220 205

Operating Income $ 90 $ 85

Less: Income Tax Expense 40 37

Net Income $ 50 $ 48

Prepare common-size income statements for Floatlin Company for 2X13 and 2X12.

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