Hallstead Jewelers; Income Statements for Years Ended January 31
(thousands of dollars) 2003 2004 2006 Sales $8,583 $8,102 $10,711
Cost of goods sold 4,326 4,132 5,570 Gross margin $4,257 $3,970 $
5,141 Expenses Selling expense Salaries 2,021 2,081 3,215
Commissions 429 405 536 Advertising 254 250 257 Administrative
expenses 418 425 435 Rent 420 420 840 Depreciation 84 84 142
Miscellaneous expenses 53 93 122 Total expenses $3,679 $3,758 $
5,547 Net income $ 578 $ 212 $ (406)
Exhibit...