Financial Statement Analysis

Refer to the following financial statements of Kantan Sdn. Bhd. for 2019 and 2018:

Kantan Son Bhd Balance Sheets December 31 (in millions) 2019 2018 Assets Current assets Cash RM460 RM444 Acount receivable (net) 1,188 1,190 Inventories 1,132 1,056 Other current assets 247 225 Total current assets 3,027 2,915 Property (net) 3,281 3,128 Other assets 5,593 5,804 Total assets RM11,901 RM11,847 Liabilities and Stockholders' Equity Current liabilities RM3,313 RM3,184 Long-term liabilities 6,826 6,509 Stockholders' equity - common 1,762 2,154 Total liabilities and stockholders' equity RM11,901 RM11.847Kantan Son Bhd Income Statements For the year ended December 31 (in millions) 2019 2018 Net sales RM13,198 RM12,397 Cost of goods sold 7,750 7,108 Gross profit 5,448 5,289 Selling and administrative expenses 3,472 3,299 Income from operations 1,976 1,990 Interest expense 233 248 Other (income) expense, net 11 0 Income before income taxes 1,732 1,742 Income tax expense 503 502 Net income 1,229 1,240