The income statements for Anything Tennis for the years ending December 31, 2018
ID: 2559941 • Letter: T
Question
The income statements for Anything Tennis for the years ending December 31, 2018 and 2017, are provided below Required: 1. Complete the"Amount" and % columns to be used in a horizontal analysis of the income statements for Anything Tennis. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) ANYTHING TENNIS Income Statements For the Years Ended December 31 Increase (Decrease) 2018 2017 $ 3600,0002,700,000 1,400,000O 1,300,000 B46 00 854,000 6,400 Net sales Cost of goods sold 2.190,000 1410,000 B30 000 580,000 10.800 50 800 102,000 Gross prof Operating expenses Operating income Other income (expense) ncome hetore tax ncome tax cxpensc Net income 144,000 $408,800 516,400Explanation / Answer
Prepare horizontal analysis :
2018 2017 Amount % Net sales 3600000 2700000 900000 33.3% Cost of goods sold 2190000 1400000 790000 56.4% Gross profit 1410000 1300000 110000 8.5% Operating expenses 830000 646000 184000 28.5% operating income 580000 654000 (74000) (11.3%) other income (expenses) 10800 6400 4400 68.8% Income before tax(69600) 590800 660400 (69600) (10.5%) Income tax Expenses 102000 144000 (42000) (29.2%) Net income 488800 516400 (27600) (5.3%)Related Questions
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