Write a one-paragraph analysis of Elf Corporation’s profit performance for the period

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. Create a common-sized income statement for the three years. What conclusions can you draw from the different parts of the statement? What are the causes and effects of Elf’s performance for those three years?

Elf Corporation Income Statements for the Years Ending December 31

(in millions)201020092008
Sales$700$650$550
Cost of goods sold  350  325  275
Gross profit  350  325  275
Operating Expenses:
Administrative  100  100  100
Advertising and marketing    50    75    75
Operating profit$200$150$100
Interest expense    70    50    30
Earnings before tax$130$100$  70
Tax expense (50%)    65    50    35
Net income$  65$  50$  35
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