Income statements for Franklin Company for Year 3 and Year 4 follow: FRANKLIN COMPANY Income...
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Income statements for Franklin Company for Year 3 and Year 4 follow: FRANKLIN COMPANY Income Statements Year 4 Sales $200,200 Cost of goods sold 142,700 Selling expenses 21,500 Administrative expenses 13,000 Interest expense 3,500 Total expenses $180, 700 Income before taxes 19,500 Income taxes expense 6,600 Net income $ 12,900 Year 3 $180, 200 120, 700 19,500 15,000 5,500 $160, 700 19,500 3,700 $ 15,800 Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4. b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year
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