The following income statements were provided by Chisholm Company, a wholesale food distributor: Required 1. Identify each income statement as either single- or multiple-step format. 2. Restate each...

The following income statements were provided by Chisholm Company, a wholesale food distributor:

Required

1. Identify each income statement as either single- or multiple-step format.

2. Restate each item in the income statements as a percentage of sales. Why did net income remain unchanged when sales increased in 2014?