7 Engagement Exerc eBook Video Calculator Analysis of Profitability Based on the financial statements of Cowan Kitchen Counters, Inc., as shown belovw Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 20-1 Net Sales (all on account) Cost of goods sold Gross profit Operating expenses Other expense (interest) Income tax expense Net income $2,578,500 1,875,900 $702,600 313,500 24,200 176,800 $188,100 $2,170,000 1,621,600 $548,400 210,800 24,200 105,400 $208,000 Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 20-1 $246,200 251,700 797,000 20-2 Cash Government notes Accounts receivable (net) $259,500 251,700 903,000 Check My Work 1 more Check My Work uses remaining