Show Attempt History The following account balances are taken from Sherwood Ltd's adjusted trial balance at June 30, 2020: Debit Credit Sales revenue $1,249,000 Advertising expense $125,000 Cost of goods sold 601,000 General and administrative expenses 40,000 Selling expenses 76,000 Depreciation expense 71,000 Interest expense 38,000 Interest revenue 41,000 Income tax expense 10,000 Wages expense 167,000 Utilities expense 105,000 Current Attempt in Progress (Common-size analysis and differences in profitability) Comparative financial statement data for First Ltd. and Supreme Ltd., two competitors, follow: First Ltd. Supreme Ltd. 2020 2019 2020 2019 Net sales $323,500 $2,052,600 Cost of goods sold 194,100 1,190,508 Operating expenses 65,500 448,100 Interest expense 3,250 40,840 Income tax expense 15,850 68,240 Current assets 167,620 $147,110 1,073,200 $842,700 Capital assets (net) 378,700 359,620 1,673.100 1,544,890 Current liabilities 52,020 42,510 206,140 231,990 Long-term liabilities 70,600 99.140 567,790 496,320 Share capital 336,000 269.000 1,312,000 1,075,000 Retained earnings 87.700 96,080 660,370 584,280