Johnson Stores, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 1 20-2 20-2 20-1 20-1 2 Amount Percent Amount Percent 3 Net sales (all on account) $467,865.00 $305,145.00 4 Cost of goods sold 256,955.00 149,005.00 5 Gross profit $210,910.00 $156,140.00 6 Administrative expenses $43,876.00 $30,617.00 1 Selling expenses 44,994.00 31,293.00 8 Total operating expenses $88,870.00 $61,910.00 9 Operating income $122,040.00 $94,230.00 10 Interest expense 916.00 903.00 11 Income before income taxes $121,124.00 $93,327.00 12 Income tax expense 30,280.00 19,980.00 13 Net income $90,844.00 $73,347.00