Course: ACC211-Fina Document.doox-Mi Net Income Formu AVON P E Menu CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 3 Not complete Points out of 3.00 Quick Ratio P Flag question Smith and Sons, Inc. Income Statement (in millions) Net sales Cost of goods sold Gross proft 2016 2015 10,100 9,600 (5,500) (5,200) 4,600 4,400 Selling and administrative expenses (2,800) (2,700) 1,800 1,700 (300) (250) 1,500 1,450 (420) (400) 1,080 1,050 Income from operations Interest expense Income before income taxes Income tax expense Net income Smith and Sons, Inc. Balance Sheet (in millions) Assets Current assets Cash and cash equivalents 2016 2015 250 450