Exercise 14-4 (Part Level Submission) EMLEY CORPORATION Comparative Condensed In

Question

Exercise 14-4 (Part Level Submission)

EMLEY CORPORATION
Comparative Condensed Income Statements
For the Years Ended December 31

2017

2016

(a)

Increase or (Decrease)
During 2017

2017

2016

Amount

Percentage

Net sales

$733,600

$666,000

Cost of goods sold

536,130

466,200

Gross profit

197,470

199,800

Operating expenses

138,750

133,200

Net income

$58,720

$66,600

Exercise 14-4 (Part Level Submission)

The comparative condensed income statements of Emley Corporation are shown below.

EMLEY CORPORATION
Comparative Condensed Income Statements
For the Years Ended December 31

2017

2016

Net sales $733,600 $666,000 Cost of goods sold 536,130 466,200 Gross profit 197,470 199,800 Operating expenses 138,750 133,200 Net income $ 58,720 $ 66,600

Explanation / Answer

EMLEY CORPORATION Condensed Income Statements For the Years Ended December 31 2017 2016 Amount Percentage Net sales 733600 666000 67600 10.2% Cost of goods sold 536130 466200 69930 15.0% Gross profit 197470 199800 -2330 -1.2% Operating expenses 138750 133200 5550 4.2% Net income 58720 66600 -7880 -11.8%

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