Use the income statement above to prepare a common size income statement for 2019 (round to 0.00%). How would you interpret net income as a percentage of sales? (10 points)

Net profit after taxes = $5,600,100 Working: $48,750,000 $28,450,000 $20,300,000 Cipriano's Income Statement For The Year Ended Dec 31., 2019 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Selling, general and administrative expenses $7,425,000 Depreciation Expenses $2,100,000 Lease Expenses $1,400,000 Total Operating Expense Operating Profit Interest Expense Net Profit Before Tax Taxes at 34% Net Profit after Taxes $10,925,000 $9,375,000 $890,000 $8,485,000 $2,884,900 $5,600,100