5. LibertyLiberty Corp. reported the following on its comparative income? statem

ID: 2604738 • Letter: 5

Question

5. LibertyLiberty Corp. reported the following on its comparative income? statement: (In millions) 2019 2018 Net Sales Revenue $18,000 $16,000 Cost of Goods Sold 5,000 2,500 Prepare a horizontal analysis of net sales? revenue, cost of goods? sold, and gross profitlong dash—both in dollar amounts and in percentages.? (Enter amounts in millions. Round the percentages to the nearest? percent, X%. Use a minus sign or parentheses to indicate a? decrease.) Liberty, Corp. Income Statement - (Partial) Years Ended December 31, 2019 and 2018 Increase (Decrease) (Amounts in millions) 2019 2018 Amount Percentage Net Sales Revenue $18,000 $16,000 % Cost of Goods Sold 5,000 2,500 % Gross Profit 5. LibertyLiberty Corp. reported the following on its comparative income? statement: (In millions) 2019 2018 Net Sales Revenue $18,000 $16,000 Cost of Goods Sold 5,000 2,500 Prepare a horizontal analysis of net sales? revenue, cost of goods? sold, and gross profitlong dash—both in dollar amounts and in percentages.? (Enter amounts in millions. Round the percentages to the nearest? percent, X%. Use a minus sign or parentheses to indicate a? decrease.) Liberty, Corp. Income Statement - (Partial) Years Ended December 31, 2019 and 2018 Increase (Decrease) (Amounts in millions) 2019 2018 Amount Percentage Net Sales Revenue $18,000 $16,000 % Cost of Goods Sold 5,000 2,500 % Gross Profit %

Explanation / Answer

Horizontal Analysis of Revenues, Cost of goods sold and gross profit

Liberty Corp

Income Statement (Partial)

For the Years Ended December 31, 2019 and 2018

Amount in Millions

Increase / (Decrease)

2019

2018

Amount

Percentage

Revenues

18,000

16000

2,000

Cost of goods sold

5,000

2500

2,500

100

Gross Profit

13,000

13,500

(500)

(4)