Complete the Year $2$ income statement data for Cute Camel, then answer the questions that follow. Be sure to round each dollar value to the nearest

whole dollar.

Cute Camel Woodcraft Company

Income Statement for Year Ending December $31$

Given the results of the previous income statement calculations, complete the following statements:The income statement, also known as the profit and loss $($P L$)$ statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm$$s gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles $($GAAP$)$ that match the firm$$s revenues and expenses to the period in which they were incurred, not necessarily when cash was received or paid. Investors and analysts use the information given in the income statement and other financial statements and reports to evaluate the company$$s financial performance and condition. Consider the following scenario: Cold Goose Metal Works Inc.$$s income statement reports data for its first year of operation. The firm$$s CEO would like sales to increase by $25$