P3-24 Financial statement analysis The financial statements of Zach Industries for the year ended December 31, 2015, follow. Zach Industries Income Statement for the Year Ended December 31, 2015 Sales revenue $160,000 Less: Cost of goods sold 106,000 S 54,000 Gross profits Less: Operating expenses s 16,000 10,000 1,000 10,000 S 37,000 $ 17,000 6,100 S 10,900 4,360 S 6,540 Selling expense General and administrative expenses Lease expense Depreciation expense Total operating expense Less: Interest expense Less: Taxes Operating profits Net profits before taxes Net profits after taxes