The financial statements for Delta Industries for the year ended December 31st, 2018 are as follows:...

Question:

The financial statements for Delta Industries for the year ended December 31st, 2018 are as follows:

Delta Industries

Statement of Income

For the years ended December 31, 2018 and 2017

 2018 2017 Sales revenue $351,500$310,000 Cost of goods sold 201,000 155,000 Gross margin 150,500 155,000 Operating expenses: 65,000 71,000 Operating income 85,500 84,000 Interest expense 26,000 20,000 Income before income tax 59,500 64,000 Income tax expense 19,000 22,500 Operating income $40,500$41,500

Delta Industries

Statement of Financial Position

December 31st, 2018 and 2017

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