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Problem - Rate of Change Analyses - Teicher Company presents the following condensed comparative income statements for 2020, 2019, and 2018:
For Years Ended December 31,
2020
2019
2018
Sales (net)
$120,000
$100,000
$ 85,000
Cost of goods sold
(72,000)
(55,000)
(45,000)
Gross profit
$ 48,000
$ 45,000
$ 40,000
Operating expenses
(22,000)
(20,000)
(18,000)
Operating income
$ 26,000
$ 25,000
$ 22,000
Other items:
Dividend revenue
400
500
200
Interest expense
(1,200)
(1,000)
(500)
Income before income taxes
$ 25,200
$ 24,500
$ 21,700
Income tax expense
(8,200)
(8,000)
(6,000)
Net income
$ 17,000
$ 16,500
$ 15,700
Number of common shares
6,000
5,000
Earnings per share
$ 2.83
$ 2.75
$ 3.14
Required - Prepare rate of change analyses for Teicher for 2019 and 2020 using year-to-year growth rates. What favorable or unfavorable trends do your analyses reveal about Teicher Company's financial performance?
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