Peyton Approved Income Statement For Year Ended 12/31/20XX Bakery Sales $33,881,157.15 Merchandise Sales 124,795.80 Total Revenues 34,005,952.95 Cost of Goods Sold - Baked 10,954,907.36 Cost of Goods Sold - Merchandise 88,994.79 Total Cost of Goods Sold 11,043,902.15 Gross Profit 22,962,050.80 Operating Expenses: Rent Expense 1,576,731.95 Wages Expense 2,604,526.23 Misc. Supplies Expense 263,224.56 Repairs and Maintenance 47,353.05 Business License Expense 211,757.65 Misc. Expense 141,171.08 Depreciation Expense 634,520.00 Insurance Expense 112,937.69 Advertising Expense 160,413.49 Interest Expense 484,703.27 Telephone Expense 50,821.34 Total Operating Expenses: 6,288,160.31 Earnings before Income Tax 16,673,890.49 16,675,390.49 Income Taxes 4,168,472.62 4,168,847.62 Net Income 12,505,417.87 I. Evaluate the companys current performance based on the outcomes of relevant ratio analysis. J. Discuss types of accounting changes encountered and when retrospective and prospective approaches should be used. K. Predict the impact of new credit policies or a change in product or markets based on relevant ratio analysis. L. Discuss relevant accounting standards for informing the companys financial reporting strategies. M. Explain how the four-step process was used for effectively correcting and reporting errors in the revision process.