Statement of Income and Retained Earnings For years ended Dec 31, 2018 and 2017 Net Sales Cost of Goods Sold Horizonatal Analysis % Change $ Change 2018 2017 19,800,000.00 19,000,000.00 9,000,000.00 8,360,000.00 10,800,000.00 10,640,000.00 Gross Profit Operating Expenses Salaries and Wages Expense 7,300,000.00 7,200,000.00 Depreciation Expense 140,000.00 120,000.00 Other Operating Expenses 1,235,000.00 1,205,000.00 Total Operating Expenses 8,675,000.00 8,525,000.00 Operating Income 2,125,000.00 2,115,000.00 Other Income and Expenses Interest Expense 205,000.00 225,000.00