Solution-Hammond corporation reported the following

Hammond corporation reported the following operating

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Reference no: EM13574770

Hammond Corporation reported the following operating results for two consecutive years.

	2008	2007	Percentage Change
Sales	$1,250,000	$1,000,000
Cost of goods sold	750,000	600,000
Gross margin	500,000	400,000
Operating expenses	300,000	200,000
Income before taxes	200,000	200,000
Income taxes	61,000	53,000
Net income	$ 139,000	$ 147,000

Required

a. Compute the percentage changes in Hammond Corporation's income statement components between the two years.

b. Comment on apparent trends disclosed by the percentage changes computed in Requirement a.

Reference no: EM13574770

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Hammond corporation reported the following operating

Reference no: EM13574770

Reference no: EM13574770

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