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E14-4
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
$600,000
$660,000
Cost of goods sold
420,000 483,000
Gross profit
180,000 177,000
Operating expenses
120,000
Net income
$ 60,000
125,000
$ 52,000