Suppose you manage Campbell Appliance. The store’s summarized financial statements for 2025, the most recent year, follow:

Assume that you need to double net income. To accomplish your goal, it will be very difficult to raise the sales prices you charge because there is a discount appliance store nearby. Also, you have little control over your cost of goods sold because the appliance manufacturers set the amount you must pay. Identify several strategies for doubling net income.

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Assets Cash Inventories Land and Buildings, Net Total Assets CAMPBELL APPLIANCE Income Statement Year Ended December 31, 2025 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income CAMPBELL APPLIANCE Balance Sheet December 31, 2025 $ 800,000 660,000 140,000 100,000 $ 40,000 Liabilities and Owner's Equity $ 30,000 Accounts Payable 75,000 360,000 Note Payable Total Liabilities Campbell, Capital $ 465,000 Total Liabilities and Owner's Equity $ 35,000 280,000 315,000 150,000 $ 465,000