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Copyright Houghton Mifflin Company. All rights reserved. Ch17 P1 Chapter 17, P 1. 1. Schedules showing amount and percentage changes prepared Sanborn Corporation Comparative Income Statements For the Years Ended December 31, 20x8 and 20x7 (in thousands of dollars) Increase or Decrease 20x8 20x7 Amount Percentage Net sales $3,276,800 $3,146,400 $130,400 4.1% Cost of goods sold 2,088,800 2,008,400 80,400 4.0% Gross margin $1,188,000 $1,138,000 $ 50,000 4.4% Operating expenses Selling expenses $ 476,800 $ 518,000 ($ 41,200)-8.0% Administrative expenses 447,200 423,200 24,000 5.7% Total operating expenses $ 924,000 $ 941,200 ( 17,200)-1.8% Income from operations $ 264,000 $ 196,800 67,200 34.1% Interest expense 65,600 39,200 26,400 67.3% Income before income taxes $ 198,400 $ 157,600 40,800 25.9% Income taxes expense 62,400 56,800 5,600 9.9% Net income $ 136,000 $ 100,800 35,200 34.9% Earnings per share $3.40 $2.52 $0.88 34.9% Copyright Houghton Mifflin Company. All rights reserved. Ch17 P1 (2) Sanborn Corporation Comparative Balance Sheets December 31, 20x8 and 20x7... View Full Document

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