I can see how the company did obviously well, but i am not sure what are some ke

Question

I can see how the company did obviously well, but i am not sure what are some key points i could put into my "letter to shareholders" i have to write for accounting class.

Income Statement for the Period Ending 12/31/2012 Actual Results Budget A Net Sales $ 4,121,000 $ 3,500,000 B COGS $ 2,397,833 $ 2,275,000 A-B = C Gross Margin $ 1,723,167 $ 1,225,000 D Sales & Marketing $ 312,999 $ 400,000 E R&D $ 50,000 $ 30,000 F General & Administrative $ 248,321 $ 350,000 D+E+F = G Operating Expenses $ 611,320 $ 780,000 C-G = H Income from Operations $ 1,111,847 $ 445,000 I Net Interest Income $ (160,000) $ (120,000) J Income Taxes $ 380,739 $ 226,000 H+I-J = K Net Income $ 571,108 $ 99,000

Explanation / Answer

key Points are Net Sales were 15% above budget, 3,500,000 budgeted where as 4,121,000 actual Net Income was 94.2% above budget, 99,000 budgeted where as 571,108

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