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Question - The following condensed income statement is for Boston Inc.
Boston Inc. Income Statement Years ended December 31, 2020 and 2019 (in thousands)
2020
2019
Net sales
$20,000
$13,000
Cost of goods sold
13,000
9,000
Gross margin
7,000
4,000
Selling and administrative expenses
3,000
2,000
Operating income
Other expense, net
300
200
Income before taxes
3,700
1,800
Income tax expense
800
400
Net income
$2,900
$1,400
Required - Prepare a trend analysis of the income statements from 2019 to 2020.
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