Question 1 Not yet answered Marked out of 1.25 P Flag question Profitability and the Income Statement Presented below is income statement data for Longo & Company as of year-end 2013: Income Tax Expense $10,400 Cost of Goods Sold 17.300 Other Expenses 1,200 Net Revenue 63,500 Operating Expenses 31,000 Required Prepare a multi-step income statement for 2013 Note: Do not use negative signs with your answers. LONGO & COMPANY Income Statement 2013 Net Revenue 5 63500 Cost of Goods Sold 17300 Gross Profit on Sales 46200 Operating Expenses 31000 Operating income 15200 Other Expenses 1200 Income before Income Taxes 14000 Income Tax Expense + T0400 Net Income 5 3600 . LONGO & COMPANY Income Statement 2013 Net Revenue $ Cost of Goods Sold Gross Profit on Sales Operating Expenses e Operating Income Other Expenses e Income before Income Taxes Income Tax Expense Net Income $ 63500 17300 46200 31000 15200 1200 14000 10400 3600 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 9 and thus, the company's profitability is Save Answers