1. Express the following comparative income statements in common-size percents and assess whether this companys situation has improved in the current year.

Comparative Statements (in thousands of $)

For the Years Ended December 31 Current Year Prior Year

Sales $800 $500

Total Expenses $560 $400

Net Income $240 $100

2. Using the following account balances and other information from Company A accounting records for year-end December 31, 2019. Prepare a multi-step income statement.