90.2K

Verified Solution

Link Copied!

The comparative income statements of Outdoor Music Co.follow. (Click the icon to view the comparative income statements.) Requirement Prepare a horizontal analysis of the comparative income statements of Outdoor Music Co. Round percentage changes to the nearest one-tenth percent. (Use a minus sign or parentheses for decreases Round percentage changes to the nearest one-lenti percent. X.X%.) Outdoor Music Co. Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2018 and 2017 Increase (Decrease) 2018 2017 Amount Percentage $ 1.075,000 $ 915.000 % Total revenue 475.000 % Expenses: Cost of goods sold Selling and general expenses Interest expense 406,250 264.000 285.000 22.500 104,500 12.500 82.150 Income tax expense % Enter any number in the edit fields and then click Check Answer The comparative Income statements of Outdoor Music Co. follow: Click the loon to view the comparative income statements.) Requirement Prepare a horizontal analysis of the comparative income statements of Outdoor Music Co. Round percentage changes to the nearest one-tenth percent. (Use a minus sign or parentheses for decreases. Round percentage changes to the nearest one-tenth percent, X.X%.) Years Ended December 31, 2018 and 2017 Increase (Decrease) 2018 2017 Amount Percentage $ 1,075,000 $ 915,000 Total revenue Expenses: 475,000 408,250 % Cost of goods sold Selling and general expenses Interest expense 285,000 264,000 %6 22,500 104,500 12,500 82,150 Income tax expense % 887,000 764,900 Total expenses $ 188,000 $ 150,100 Net income Enter any number in the edit fields and then click Check Answer. - X Data Table Comparative Income Statements Years Ended December 31, 2018 and 2017 2018 2017 $ 1,075,000 $ 915,000 Total revenue Expenses: $ 475,000 $ 406,250 Cost of goods sold Selling and general expenses 285,000 264,000 Interest expense 22,500 104,500 12,500 82,150 Income tax expense Total expenses 887,000 764,900 $ 188,000 $ 150,100 Net income Print Done

Answer & Explanation Solved by verified expert

See Answer