Calculation of market measures The comparative Income statement and balance sheet of Cowan Kitchen Counters, Inc. are shown. 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) $2,580,000 $2,170,000 Cost of goods sold 1,890,000 1,630,000 Gross profit $690,000 $540,000 Operating expenses 320,000 210,000 Other expense (interest) 24,200 24,200 Income tax expense 122,600 104,000 Net income $223,200 $201,800 Cash Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 Government notes Accounts receivable (net) 20-2 20-1 $589,200 $244,000 253,000 253,000 910,000 800,000