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Horizontal Analysis for Income Statement For 20Y3, Greyhound Technology Company reported its most significant decline...

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Horizontal Analysis for Income Statement For 20Y3, Greyhound Technology Company reported its most significant decline in net income in years. At the end of the year, Duane Vogel, the president, is presented with the following condensed comparative income statement GREYHOUND TECHNOLOGY COMPANY Comparative Income Statement For the Years Ended December 31, 20Y3 and 20Y2 20Y3 20Y2 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other income Income before income tax Income tax expense Net income Instructions: $ 723,868 (539,600) $184,268 s(76,250) (44,100) $(120,350) 63,918 3,003 66,921 (18,700) 48,221 598,000 (380,000) 218,000 (50,000) (32,000) $(82,000) 136,000 2,500 $ 138,500 (41,600) $96,900

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