Chapter 15, Problem 39E

Cuneo Company’s income statements for the last 3 years are as follows:

Refer to the information for Cuneo Company above.

Required:

1. 1. Prepare a common-size income statement for Year 2 by expressing each line item for Year 2 as a percentage of that same line item from Year 1. (Note: Round percentages to the nearest tenth of a percent.)
2. 2. Prepare a common-size income statement for Year 3 by expressing each line item for Year 3 as a percentage of that same line item from Year 1. (Note: Round percentages to the nearest tenth of a percent.)