Question: Rapid Retail Comparative Statement of Income December 31st Increase (Decrease) (In thousands of dollars) 2011 2010 Dollars Percent Net sales 30000 28000 Cost of goods

Rapid Retail Comparative Statement of Income December 31st Increase (Decrease) (In thousands of dollars) 2011 2010 Dollars Percent Net sales 30000 28000 Cost of goods sold 20000 19500 Gross Profit 10000 8500 Selling, general & Admin Exp 3000 2900 Operating Income 7000 5600 Interest expense 100 80 Income before taxes 6900 5520 Income tax expense 2000 1600 Net Income 4900 3920 Requred: a) complete the increase (decrease) in dollars and percent b) comment on trends

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