Rapid Retail Comparative Statements of Income

December 31 Increase (Decrease)

(In thousands of dollars) 2011 2010 Dollars Present

Net sales $30,000 $20,000

Cost of goods sold $20,000 $19,500

Gross profit $10,000 $8,500

Selling, general/administrative expense $3,000 $2,900

Operating income $7,000 $5,600

Interest expense 100 80

Income before taxes $6,900 $5,520

Income tax expense $2,000 $1,600

Net income $4,900 $3,920

Required a. Complete the increase (decrease) in dollars and percent.