Graw Hil ConrectChapter 13 QuizxCTlsi lo DexcD ? l ezto.mheducation A Trend Anal

Question

Graw Hil ConrectChapter 13 QuizxCTlsi lo DexcD ? l ezto.mheducation A Trend Analysis To De x tpx The income statements for Urban Outfits, Inc. are presented below: Income Statements Year Ended December 31 Current Year Year $741.413$800,059 368,210398,202 373,203401,857 Operating and other expenses127,624 138,791 7,650 45,50047,000 Sales revenue Cost of goods sold Gross profit Interest expense Income tax expense 16,900 Net income $183,179 $208,416 Prepare a horizontal analysis of the income statement above. (Round your answers to the nearest whole percent.) URBAN OUTFITS, INC Income Statements Year Ended December 31 Increase (Decrease) Current Prior Year: Amount Percent (%) ear Sales Revenue Cost of Goods Sold Gross Profit Operating and Other Expenses Interest Expense Income Tax Expense Net Income 741,413 800.059 368,210 398202 373 203 401.857 127.624 138.791 16,900 7.650 45.500 47.000 183.179 20841 Type here to search

Explanation / Answer

Horizontal analysis :

Increase (decrease) Current year Prior year Amount Percent (%) Sales revenue 741413 800059 -58646 -7% Cost of goods sold 368210 398202 -29992 -8% Gross profit 373203 401857 -28654 -7% Operating and other expense 127624 138791 -11167 -8% Interest expense 16900 7650 9250 121% Income tax expense 45500 47000 -1500 -3% Net income 183179 208416 -25237 -12%

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