Question one Express the following income statement information in common-size percent (round to nearest whole percent). Comment on the profitability of the company. 2016% 2015% 2014% Net Sales cost of goods sold gross profit operating expenses operating profit Income taxes Net income 2016 220,000 169,000 51,000 26,000 25,000 7,800 17,200 2015 196,000 147,000 49,000 25,000 24,000 7,500 16,500 2014 150,000 108,000 42,000 20,000 22,000 7,000 15,000