Sales Cost of goods sold Gross profit Selling & administrative expense Operating profit Interest expense Income before taxes Taxes (35%) Income after taxes 20x1 $ 2,620,000 2,400,000 $ 220,000 234,000 $ -14,000 45,600 $ -59,600 -20,860 $ -38,740 a. Cost of goods sold to sales b. Selling and administrative expense to sales c. Interest expense to sales 20X1 for each year, compute the following ratios and indicate how the change in each ratio will aff rofitability in 20X2. Note: Input your answers as a percent rounded to 2 decimal places. % 20x2 $ 3,770,000 2,380,000 $ 1,390,000 264,000 % % $ 1,126,000 52,400 $ 1,073,600 375,760 $ 697,840 20X2 % % % Profitability

Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales   Cost of goods sold   Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income

For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses: Salaries Expense Rent Expense Advertising Expense Total Selling Expenses Administrative Expenses: Salaries Expense Insurance Expense Rent Expense Deprecaition Expense Total Administrative Expenses Total Operating Expenses Operating Income Other Income and Expenses Sales Discounts Forfeited 125,466 45,167 80,299 2,615 725 3,340 12,543 2,563 1,562 1,253 17,921 21,261 59,038 1,575 (265) Interest Expenses Total Other Income and Expenses Net Income 1,310 57.728 What type of financial statement is this? Statement of Owner's Equity Multiple-step Income Statement Balance Sheet O Single-step Income Statement

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