Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be...
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Accounting
Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.)
Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.)
LOCKEY FENCING CORPORATION
Income Statements
For the Years Ended December 31
Change in
Current
Previous
Dollars
Percentage
Net Sales
$115,000
$82,500
%
Cost of Goods Sold
65,500
48,750
Gross Profit
49,500
33,750
Selling, General, and Administrative Expenses
6,000
3,000
Income from Operations
43,500
30,750
Interest Expense
3,750
5,250
Income before Income Tax
39,750
25,500
Income Tax Expense
11,925
7,650
Net Income
$27,825
$17,850
%
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