Jag 8: Elk Pipes Income Statement For the Year Ended December 31, 2015 Residential sales Commercial sales Total sales Cost of residential sales Cost of commerical sales Total cost of sales Gross Margin Operating expenses Operating income Interest expense Income before taxes Income tax expense Net income 1; 8,280 $ 95,331 $ 103,611 6,225 42,882 $ $ $ 49,107 $ 54,503 $ 38,558 $ 15,946 $ $ $ $ 4,750 11,196 1,679 9,516 Common-Size Income Statement Residential sales Commercial sales Total sales Cost of residential sales Cost of commerical sales Total cost of sales Gross Margin Operating expenses Operating income Interest expense Income before taxes Income tax expense Net income 7.99% 92.01% 100.00% 6.01% 41.39% 47.40% 52.60% 37.21% 15.39% 4.58% 10.81% 1.62% 9.18%