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Account Current Year Prior Year Net sales (all credit) $445,400 $362,000 Costs of goods sold $220,000 $185,000 Gross profit $225,400 $177,000 Income from operations $72,000
Account | Current Year | Prior Year |
Net sales (all credit) | $445,400 | $362,000 |
Costs of goods sold | $220,000 | $185,000 |
Gross profit | $225,400 | $177,000 |
Income from operations | $72,000 | $80,000 |
Interest expense | $8,000 | $14,000 |
Net income | $40,000 | $35,000 |
Cash | $34,000 | $28,000 |
Accounts receivable, net | $42,000 | $62,000 |
Inventory | $120,000 | $100,000 |
Prepaid expenses | $4,000 | $2,000 |
Total current assets | $200,000 | $192,000 |
Total long-term assets | $200,000 | $230,000 |
Total current liabilities | $100,000 | $165,000 |
Total long-term liabilities | $44,000 | $95,000 |
Common stock, no par, $8,000 shares, value $120/share | $80,000 | $80,000 |
G. What income statement account changed the most from last year to this year (as a %) Please provide explanation
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