eBook Show Me How Office 365 Print Item Analysis of activity 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 Net sales (all on account) Cost of goods sold Gross profit Operating expenses Other expense (interest) Income tax expense Net income Cash Government notes Accounts receivable (net) 20-2 20-1 $2,300,000 $2,160,000 1,725,000 1,610,000 $575,000 $550,000 320,000 230,000 24,200 24,200 80,000 104,000 $150,800 $191,800 Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 20-1 $635,570 $244,000 248,000 248,000 369,230 400,000