Favorite Decor, Inc. Comparative Income Statements Years Ended December 31, 2016 and 2015 2016 2015 Net sales Cost of goods sold Gross profit Selling and general expenses Income from operations Interest expense Income before income tax Income tax expense Net income $ 190,000 $ 240,000 102,000 134,000 88,000 106,000 49,000 57,000 7,000 35,000 50,000 16,000 $ 23,000 $ 34,000 44,000 44,000 9,000 12,000