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Tha finonvial edotamente nf Dhsmah Cormetion chrw the fnllowino information PHAROAHCORPORATION Income Statement Year Ended December 31, 2020 begin{tabular}{lrrr} & 2020 & 2019 Net
Tha finonvial edotamente nf Dhsmah Cormetion chrw the fnllowino information PHAROAHCORPORATION Income Statement Year Ended December 31, 2020 \begin{tabular}{lrrr} & 2020 & 2019 \\ Net sales & $837,000 & $812,000 \\ Cost of goods sold & 548,000 & 551,000 \\ Gross profit & 289,000 & 261,000 \\ Selling general, and administrative expenses & 146,000 & 115,000 \\ Other expenses, net & 123,000 & 114,000 \\ \hline Income before income tax & 20,000 & 32,000 \\ Income tax & 6,200 & 9,400 \\ Net income & $13,800 & $22,600 \\ & & \end{tabular} Using horizontal analysis, analyze Pharoah Corporation's change in liquidity, solvency, and profitability in 2020, (Do nor ledve any anower field blank. Enter 0 for ambunts. Round peroentoge answers to 1 decimal place. es 15.2 . Enter negotive amounts using either a nesative slm orecedins the number e. -45 ar momentheore e o 14511 Habilities and Equity Acoounts payable $278000$3505005 Loncterm debt Share capital Retained earnings Based on the Information in gunt ite is profitablity inproving or deterlorating? 1. Grs prohit margin 2. Prohtmajin
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