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ACC 560 Week 10 Homework Chapter 14 (E14-4, E14-7, E14-11)

Chapter 14: Financial Statement Analysis
ACC 560 Week 10 Chapter 14 Exercises 4, 7, and 11
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

125,000