Basic Financial Ratios The accounting staff of CCB Enterprises has completed the financial statements for the 2016 calendar year. The statement of income for the current year and the comparative statements of financial position for 2016 and 2015 follow. CCB Enterprises Statement of Income For the Year Ended December 31, 2016 Revenue: Net sales Other (thousands omitted) $802,440 59,540 $861,980 Total revenue Expenses: Cost of goods sold $533,060 Research and development 24,660 Selling and administrative 155,340 Interest 20,100 Total expenses $733,160 Income before income taxes $128,820 Income taxes 51,528 Net income $77,292