Consolidated Statements of Earnings($ in thousands, except per share amounts)Year Ended January 31, 2016Year Ended January 31, 2015SALES$ 1,796,035$ 1,624,400Cost of sales(1,273,421)(1,160,182)Gross profit522,614464,218Selling, operating and administrative expenses (Notes 16, 17)(415,293)(366,752)Earnings from operations107,32197,466Interest expense (Note 18)(6,210)(6,673)Earnings before income taxes101,11190,793Income taxes (Note 9)(31,332)(27,910)NET EARNINGS FOR THE YEAR$ 69,779$ 62,883NET EARNINGS PER SHARE (Note 20) Basic$ 1.44$ 1.30Diluted$ 1.43$ 1.29WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING (000's) Basic48,50948,432Diluted48,78348,709 Look at North West’s income statement (which it calls “statement of earnings”). Did its sales increase or decrease between 2015 and 2016? Did its net income (which it calls “net earnings”) increase or decrease between the two years?($ in thousands) Change in amount Increased/DecreasedSales $ Net income (net earnings) $ Are its sales and net income moving in the same direction (that is, both increasing or both decreasing)?For North West, both sales and net income are _____ .

Change in amount Of sales and the net income Is difference between the two years 2015 & 2016

Answered: Consolidated Statements of Earnings ($…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Consolidated Statements of Earnings

($ in thousands, except per share amounts)	Year Ended January 31, 2016	Year Ended January 31, 2015
SALES	$ 1,796,035	$ 1,624,400
Cost of sales	(1,273,421)	(1,160,182)
Gross profit	522,614	464,218
Selling, operating and administrative expenses (Notes 16, 17)	(415,293)	(366,752)
Earnings from operations	107,321	97,466
Interest expense (Note 18)	(6,210)	(6,673)
Earnings before income taxes	101,111	90,793
Income taxes (Note 9)	(31,332)	(27,910)
NET EARNINGS FOR THE YEAR	$ 69,779	$ 62,883
NET EARNINGS PER SHARE (Note 20)
Basic	$ 1.44	$ 1.30
Diluted	$ 1.43	$ 1.29
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING (000's)
Basic	48,509	48,432
Diluted	48,783	48,709

Look at North West’s income statement (which it calls “statement of earnings”). Did its sales increase or decrease between 2015 and 2016? Did its net income (which it calls “net earnings”) increase or decrease between the two years?