mmary of chapter learning objectives: Example Learning Objective 2 19.2 2015 A modified income statement years 2015 and 2014 is show and the percent of difference the and Analyse income statements, comparing items and periods THE SKI CHALET Income Statement for the Years Ended December 31, 2015 and 2014 2015 Amount 2015 Percent 2014 Amount 2014 Percent Amount Percent $850,000 Revenue from alex Sales Less returns NET SALES 5958.900 13.900 575.000 39.000 104,81% 4.81% 100.00% $138.900 (25.100) $164.000 5811.000 5148.000 Cost of goods sold: Inventory, January 1 Purchases Available for sale Inventory, December 31 Cost of goods sold Gross profit on sales S152,000 319.000 $531.000 148.000 $383.000 5428,00 18.74% 46.73% 65.47% 18.25% $ (4,000) 61.000 S 57.000 32.000 $ 25.000 $119.000 5567,000 52.77% $221 000 S225.000 5 (4.000) Operating expenses Salary and benefits Rent and utilities Advertising Depreciation Equipment and supplies Administrative Total operating expense Income before tak Income tax NET INCOME 25,200 32.000 10. 300 32.400 40.000 15 SEO 12.500 531,200 $183.300 30 MIO $15.000 27,74% 7.57% 3.176 3.99 1.27% 1.75% 45.45% 7.32% 3.01% 6.700 8 000 5.500 (1.700) $ 15,100 $123.900 $59.400 24.400 $ 35.000 5.900 S110,000 Aa - 12131