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The following income statements are available for the Arizona Company. Gross Sales Less: Sales Discounts Net Sales Cost of Goods Sold Gross Profit Operating Expenses

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The following income statements are available for the Arizona Company. Gross Sales Less: Sales Discounts Net Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income ARIZONA COMPANY INCOME STATEMENTS FOR YEARS 20X6 THROUGH 20X9 20x920X820X720X6 $ 1,200 $ 1,140 S 1,085 $ 990 30 25 35 25 1,170 1,115 1,050 965 750 630 590 480 420 485 460 485 280 250 275 280 $ 140 $ 235 S 185 $ 205 REQUIRED: (1) (2) Prepare common size income statements for the years 20X6 through 20X9. Round all percentages to the nearest tenth of a percent. Prepare trend analysis figures for all major items on the income statement (net sales, cost of goods sold, gross profit, operating expenses, and net income) for the years 20X6 through 20X9 using 20X6 as the base year. Round all percentages to the nearest tenth of a percent

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