Net sales Cost of goods sold XYZ Corporation Income Statements For the Years Ended December 31, 2021 and 2020 Year Ended December 31 2021 2020 747,560 689,728 428,966 365,482 318,594 324,246 Gross margin Operating expenses Selling expenses 43,250 35,150 General and administrative expenses 88,760 77,820 Total operating expenses 132,010 112,970 Income from operations 186,584 211,276 Other revenues and expenses Interest income 8,366 5,454 Less interest expense (12,455) (10,740) Total other expenses (4,089) (5,286) Income before income taxes 182,495 205,990 Income taxes 38,324 26,492 Net income 144,171 179,498