gement Exerc eBook Video Calculator Analysis of Leverage Based on the financial statements of Cowan Kitchen Counters, Inc., as shown below: owan Kltchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 20-1 Net Sales (all on account) Cost of goods sold Gross profit Operating expenses Other expense (interest) Income tax expense Net income $2,562,200 1,877,400 $684,800 318,700 24,200 174,600 $167,300 $2,160,800 1,622,100 $538,700 228,900 24,200 105,200 $180,400 Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 20-1 $242,200 247,200 20-2 $261,000 Cash Government notes Accounts receivable (net) 247,200 906,300 Previous Next Check My Work 1 more Check My Work uses remaining