9) Explain how financial statements are used to analyze businesses. 1. 2017: e. 50.2% Comparative financial statement data of Garfield, Inc. follow: GARFIELD, INC Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Net Sales Revenue $461,000 $ 424.000 Cost of Goods Sold 241,000 211,000 Gross Profit 220,000 213,000 Operating Expenses 137.000 135,000 Income from Operations 83,000 78,000 Interest Expense 9,000 13,000 Income Before Income Tax 74,000 65,000 Income Tax Expense 18,000 24,000 Net Income 56,000 41,000