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The following
information was taken from the financial statements of Lawson Company:
2015 2014
Gross profit on sales…………………………………………………….. $900,000 $840,000
Income before income taxes…………………………………………. 280,000 230,000
Net income…………………………………………………………………. 240,000 216,000
Net income as a percentage of net
sales………………………… 8% 9%
Instructions
(a) Compute the net sales for each year.
(b) Compute the cost of goods sold in dollars
and as a percentage of net sales for each year.
(c) Compute operating expenses in dollars and as
a percentage of net sales for each year. (Income taxes are not operating
expenses).
