Business, 25.06.2019 08:10 homeschool0123

The following income statements were drawn from the annual reports of toner sales company: 2018* 2019* net sales $ 426,900 $ 521,900 cost of goods sold (294,561 ) (307,921 ) gross margin 132,339 213,979 less: operating expense selling and administrative expenses (81,111 ) (99,161 ) net income $ 51,228 $ 114,818 *all dollar amounts are reported in thousands. the president’s message in the company’s annual report stated that the company had implemented a strategy to increase market share by spending more on advertising. the president indicated that prices held steady and sales grew as expected. prepare common size income statements and make appropriate references to the differences between 2018 and 2019.

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