Comparative income statements for Gregson Inc. are as follows:
Required:
The president and management believe that the company performed better in 2014 than it did in 2013. Write the president's letter to be included in the 2014 annual report. Explain why the company is financially sound and why shareholders should not be alarmed by the $120,000 loss in a year when gross profit increased significantly.

Question

Comparative income statements for Gregson Inc. are as follows:
  Required:
The president and management believe that the company performed better in 2014 than it did in 2013. Write the president's letter to be included in the 2014 annual report. Explain why the company is financially sound and why shareholders should not be alarmed by the $120,000 loss in a year when gross profit increased significantly.

Quizplus · Accepted Answer

The Answer of Comparative income statements for Gregson Inc. are as follows:
  Required:
The president and management believe that the company performed better in 2014 than it did in 2013. Write the president's letter to be included in the 2014 annual report. Explain why the company is financially sound and why shareholders should not be alarmed by the $120,000 loss in a year when gross profit increased significantly.

Comparative Income Statements for Gregson Inc