ncome 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.  The focus of the analysis involves creating a common sized Income Statement for the three years and relating the parts of the statement to draw conclusions, ultimately to find the causes and effects of Elf’s performance for those three years.  Respond to at least two of your fellow students’ postings.      Elf Corporation Income Statements for the Years Ending December 31(in millions)201020092008Sales$700$650$550Cost of goods sold 350 325 275Gross profit350325275Operating Expenses:   Administrative100100100Advertising and marketing    50    75    75Operating profit$200$150$100Interest expense    70    50   30Earnings before tax$130$100$ 70Tax expense (50%)     65    50     35Net income$   65$   50$   35




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