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Income statements are presented in the table below for the Elf Corporation for the years ending December 31, 2010, 2009, and 2008. Write a one-paragraph analysis of Elf Corporation's profit performance for the period. The focus of the analysis involves creating a common sized Income Statement for the three years and relating the parts of the statement to draw conclusions, ultimately to find the causes and effects of Elf's performance for those three years. Respond to at least two of your fellow students' postings.
Elf Corporation Income Statements for the Years Ending December 31
(in millions)
2010
2009
2008
Sales
$700
$650
$550
Cost of goods sold
350
325
275
Gross profit
Operating Expenses:
Administrative
100
Advertising and marketing
50
75
Operating profit
$200
$150
$100
Interest expense
70
30
Earnings before tax
$130
$ 70
Tax expense (50%)
65
35
Net income
$ 65
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