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Instructions Comparative Income Statement Comparative Balance Sheet Instructions Amounts from the comparative income statement and...

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Instructions Comparative Income Statement Comparative Balance Sheet Instructions Amounts from the comparative income statement and balance sheet of Johnson Stores, Inc., for the last two years are as follows: Johnson Stores, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 1 20-2 20-1 2 Net sales (all on account) $467,865.00 $305,145.00 3 Cost of goods sold 256,955.00 149,005.00 4 Gross profit $210,910.00 $156,140.00 5 Administrative expenses $43,876.00 $30,617.00 6 Selling expenses 44,994.00 31,293.00 7 Total operating expenses $88,870.00 $61,910.00 8 Operating income $122,040.00 $94,230.00 9 Interest expense 916.00 903.00 10 Income before income taxes $121,124.00 $93,327.00 11 Income tax expense 30,280.00 19,980.00 12 Net income $90,844.00 $73,347.00 Previous Check My Work parative Financial Statements Instructions Comparative Income Statement Comparative Balance Sheet Instructions Johnson Stores, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 1 20-2 20-1 2 Assets 3 Current assets:

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