Using the following income statements, perform the calculations needed for horiz

Question

Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.)

LOCKEY FENCING CORPORATION Income Statements

For the Years Ended December 31

Net Sales Current $104,000 Previous $77,000 Need to know Change in Dollar $___ & Change in percentage %___

Cost of Goods Sold Current $60,000 Previous $46,000 Need to know Change in Dollar $_____ & Change in %_____

Gross Profit Current $44,000 Previous $31,000 Need to know Change in $_____ & Change in %______

Selling, General, and Administrative Expenses Current $8,200 Previous 4,100 Need to know change in $___ and change in %___

Income from Operations Current $35,800 Previous 26,900 Need to know Change in $____ & change in ____

Interest Expense Current $3,200 Previous $4,150 Need to know change in $___ & change in %___

Income before Income Tax Current $32,600 Previous $22,750 need to know change in $ __ and change ion %___

Income Tax Expense Current 9,780 Previous 6,825 need to know change in $__ and change in %__

Net Income Current $22,820 Previous $15,925 need to know change in $___ and change in %___

Explanation / Answer

Change in $ Change in % Net Sales +27000 +35.06 Cost of Goods Sold +14000 +30.44 Gross Profit +13000 +41.94 Selling, General and administrative expenses +4100 +50.00 Income from Operations Current +8900 +33.09 Interest Expense -950 -22.89 Income before income tax +9850 +43.30 Income Tax Expense +2955 +43.30 Net Income +6895 +43.30

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