Profitability and the Income Statement Presented below is income statement data for Longo & Company as of year$-$end:

Income Tax Expense $$6,100$ Cost of Goods Sold $13,000$ Other Expenses $1,400$ Net Revenue $59,200$ Operating Expenses $26,700$

Required

Prepare a multi$-$step income statement.

Note: Do not use negative signs with your answers.

LONGO & COMPANY

Income Statement

Current Year 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 the prior year, is the company's profitability improving or declining?

Return of sales for the current year$=$ and thus, the company's profitability is

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