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Review the summary income statement below. How did this firm perform in 2019 compared to 2018? Give at least two specific examples to support your
Review the summary income statement below. How did this firm perform in 2019 compared to 2018? Give at least two specific examples to support your position. Show your work.
(all numbers in thousands) | 2019 | 2018 |
Net Sales | 3,000 | 2,650 |
Cost of Goods Sold | (1,400) | (1,150) |
Gross Profit | 1,600 | 1,500 |
Operating Expenses (SG&A) | (800) | (710) |
Operating Profit | 800 | 790 |
Other Income (Expense) | (90) | 30 |
Extraordinary Gain (Loss) | 350 | (50) |
Interest Expense | (200) | (150) |
Net Profit Before Taxes (Pretax Income) | 860 | 620 |
Taxes | (250) | (200) |
Net Income | 610 | 420 |
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