ACC 560 Week 10 Homework Chapter 14( E14-4, E14-7, E14-11)
ACC 560 Week 10 Homework Chapter 14( E14-4, E14-7, E14-11)
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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
2016
2017
Net sales $ 660,000 $ 600,000
Cost of goods sold 483,000 420,000
Gross profit 177,000 180,000
Operating expenses 125,000 120,000
Net income $ 52,000 $ 60,000