- Profitability ratios a. Gross profit percentage b. Operating income percentage c. Rate of return on net sales d. Rate of return on total assets e. Rate of return on common stockholders' equity f. Earnings per share of common stock - Income statement A B D 1 Spenser Corporation 2 Income Statement 3 For the Years Ended December 31, 2020 and 2019 / (amounts in thousands) 4 5 2020 2019 2018 6 Sales revenues $ $ 211,400 $ 182,910 7 Less: Cost of goods sold 105,000 96,000 8 Gross profit $ 106 400 $ 86,910 9 Less: Operating expenses 53,000 46,000 10 Operating income S 53.400 $ 40.910 11 Less: Interest expense 5,385 6,459 12 Income before income taxes $ 48,015 $ 34.451 13 Less: Income tax expense 22.647 16,160 $ 14 Net income 25,368 $ 18,291 15 - Income statement 2020 2019 2018 5 6 Sales revenues $ 211,400 $ 182,910 7 Less: Cost of goods sold 105,000 96.000 8 Gross profit S 106,400 $ 86,910 53 000 9 Less: Operating expenses 46.000 10 Operating income $ 53,400$ 40.910 11 Less: Interest expense 5,385 6,459 12 Income before income taxes $ 48,015 $ 34,451 13 Less: Income tax expense 22,647 16,160 S 25,368 S 18,291 14 Net income 15 16 Additional data $ 17 Total assets 207,000 $ 195,000 $ 180,000 61,110 $ 18 Common stockholders' equity 101,000 $ 92,000 $ $ 19 Preferred dividends 2,980 S 2,980 $ 27,985 27,985 26,000 20 Common shares outstanding during the year