Rapid Retail Comparative Statement of Income
December 31st Increase (Decrease)
(In thousands of dollars) 2011 2010 Dollars Percent
Net sales 30000 28000
Cost of goods sold 20000 19500
Gross Profit 10000 8500
Selling, general & Admin Exp 3000 2900
Operating Income 7000 5600
Interest expense 100 80
Income before taxes 6900 5520
Income tax expense 2000 1600
Net Income 4900 3920
Required:
a) complete the increase (decrease) in dollars and percent
b) comment on trends