Base on the following information, answer questions eight (8) to fourteen (14)

Comparative Income Statement Years

Ended Dec 31, 2015 and 2014

2015 2014 Net Sales Revenue $550,000 $500,000

Expenses: Cost of Goods Sold 245,000 220,000

Selling and Administrative Exp. 100,000 96,000

Other Expenses(Interest Exp) 12,000 9,000

Income Tax Expense 58,000 47,000

Total Expenses $415,000 $372,000

Net Income $135,000 $128,000

Questions!

8. Change in Net Sales from 2014 to 2015 is:

a. 8% b. 4% c. 10% d. 11.4%

9.Change in Cost of Goods Sold 2014 to 2015 is:

a. 8.9% b. 4% c. 10% d. 11.4%

10.Change in Gross Profit from 2014 to 2015 is: a. 8.9% b. 4.2% c. 11.2% d. None of the above

11.Change in Interest Expense from 2014 to 2015 is: a. 10.3% b. 11.3% c. 12.3% d. 33.3%

12. Change in Income Before Taxes from 2014 to 2015 is: a. 10.3% b. 11.3% c. 12.3% d. 33.3%

13. Change in Income Tax Expense from 2014 to 2015 is: a. 43.4% b. 33.4% c. 23.4% d. 12.4%

14. Change in Net income from 2014 to 2015 is:

a. 4.5% b. 5.5% c. 6.5% d. 7.5%