Profitability and the Income Statement Presented below is income statement data for Longo & Company as of year-end 2013: Income Tax Expense $5,700 Cost of Goods Sold 12,600 Other Expenses 1,000 Net Revenue 58,800 Operating Expenses 26,300 Required Prepare a multi-step income statement for 2013. Note: Do not use negative signs with your answers. LONGO & COMPANY Income Statement 2013 Gross Profit on Sales Operating Income Income before Income Taxes Net Income Calculate the company's return on sales ratio. Round answer to one decimal place. If Longo's return on sales was 20% in 2012, is the company's profitability improving or declining? Return of sales for 2013= 96 and thus, the company's profitability is Check