The income statements for Urban Outfits, Inc. are presented below: ...
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Accounting
| The income statements for Urban Outfits, Inc. are presented below: |
| Urban Outfits, Inc. Income Statements Year Ended December 31 | ||||||
| Current Year | Prior Year | |||||
| Sales revenue | $ | 721,842 | $ | 776,559 | ||
| Cost of goods sold | 355,743 | 385,641 | ||||
| Gross profit | 366,099 | 390,918 | ||||
| Operating and other expenses | 123,460 | 133,814 | ||||
| Interest expense | 14,200 | 7,300 | ||||
| Income tax expense | 42,700 | 43,800 | ||||
| | | | | | | |
| Net income | $ | 185,739 | $ | 206,004 | ||
| | | | | | | |
| | ||||||
| Prepare a horizontal analysis of the income statement above. (Round your answers to the nearest whole percent.) |
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