Ratios The Byers Company presents the following condensed income statement for 2007 and condensed December 31, 2007 balance sheet:
|
Income Statement |
|
|
Sales (net) |
$267,000 |
|
Less: |
|
|
Cost of goods sold |
$160,000 |
|
Operating expenses |
62,000 |
|
Interest expense |
11,000 |
|
Income taxes |
10,000 |
|
Total expenses |
243,000 |
|
Net income |
$24,000 |