$110,628 Revenues: Net sales Matuska Tools Corporation Income Statements For the Years Ended July 31, 2014 and 2013 2014 Interest income Total revenues Costs and expenses: Cost of goods sold Selling expenses General and administrative expenses Interest expense Total costs and expenses Net income $525,932 800 $526,732 $234,948 161,692 62,866 3,600 $463,106 $ 63,626 2013 $475,264 700 $475,964 $171,850 150,700 42,086 850 $365,486 $110,478 AGAM REQUIRED 1. Prepare a multistep income statement for 2013 and 2014 showing percentages of net sales for each component (e.g., cost of goods sold divided by net sales). (Round percentages to one decimal place.) 2. ACCOUNTING CONNECTION Did income from operations increase or decrease between 2013 and 2014? Write a short explanation of why this change occurred. Perpetual Inventory System

REQUIRED 1. Prepare a multistep income statement for 2013 and 2014 showing percentages of net sales for each component (c.g., cost of goods sold divided by ner sales). (Round percentages to one decimal place.) 2. ACCOUNTING CONNECTION Did income from operations increase or decrease between 2013 and 2014 ? Write a short explanation of why this change occurred. 1. Prepare a multistep income starement for 2013 and 2014 showing percentages of net sales for each component (e.g., eost of goods sold divided by net sales). (Round pereentages to one decimal place.) 2. ACCOUNTING CONNECTION D Did income from operations increase or decrease between 2013 and 2014? Write a short explanation of why this change oceurred