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v2.cengagenow.com/1rn/takeAssignment takeAssignmentMando?invoker=assignments&takeAssignmentSessionLocator;= assignment take&inprogress;=false Comparative Income Statement For the Years Ended December 31, 20 Current Year Previous Year 2Sales 3 Cost of goods sold 4Gross profit s Selling expenses 6 Administrative expenses 1.926.400.00 $1.720,000.00 1496,400.00 250,432.00 $223,600.00 70,000.00 46,000.00 $116.000.00 107,60000 8.600.00 99,000.00 1,675,968.00 80,500.00 1,060.00 131.560.00 118,872.00 13,416.00 105,456.00 Total operating expenses Income before income tax 9 Income tax expense 10 Net income Required A. Prepare a comparative Income statement with horizontal analysis for the two-year period, Indicating the increase (decrease) for the current year when compared with the prevlous year. Use the minus sign to indicate an amount or percent decrease. If required, round percentages to one declmal place. B. What conclusions can be drawn from the horizontal analysis? Check My Work Previous Next Assignment Score: 41.35% All work saved 3-01 PM O Type here to search

Explanation / Answer

COMPARATIVE INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 20-- Increase (Decrease) Increase (Decrease) Current Year Prevoius Year Amount Percentage Sales         19,26,400.00                     17,20,000.00       2,06,400.00 12.0% Cost Of Goods Sold       16,75,968.00                     14,96,400.00       1,79,568.00 12.0% Gross Profit          2,50,432.00                       2,23,600.00           26,832.00 12.0% Selling Expenses             80,500.00                           70,000.00           10,500.00 15.0% Administrative Expenses             51,060.00                           46,000.00             5,060.00 11.0% Total Opertaing Expneses          1,31,560.00                       1,16,000.00           15,560.00 13.4% Income before income taxes          1,18,872.00                       1,07,600.00           11,272.00 10.5% Income Tax Expenses             13,416.00                             8,600.00             4,816.00 56.0% Net Income            1,05,456.00                           99,000.00             6,456.00 6.5% Concluision : Conclusions from the Horizental analysis is getting that what is the increamental revenue we have compare to the last year revenue itemwise

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