Horizontal analysis of income statement ( did I do wrong? Anyone know the correct answers to the ones I got wrong?) For 20Y2, McDade Company
Horizontal analysis of income statement ( did I do wrong? Anyone know the correct answers to the ones I got wrong?) For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $ 16,800,000 $ 15,000,000 Cost of goods sold (11,500,000) (10,000,000) Gross profit $ 5,300,000 $ 5,000,000 Selling expenses $ (1,770,000) $ (1,500,000) Administrative expenses (1,220,000) (1,000,000) Total operating expenses $ (2,990,000) $ (2,500,000) Operating income $ 2,310,000 $ 2,500,000 Other revenue 256,950 225,000 Income before income tax expense $ 2,566,950 $ 2,725,000 Income tax expense (1,413,000) (1,500,000) Net income $ 1,153,950 $ 1,225,000 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place. For those boxes in which you must enter subtracted or negative numbers use a minus sign. (Picture attached for the chart) : 2. BE 14.06 ALGO
Comparative Income Statement
3. BE 14.07 ALGO
For the Years Ended December 31, 20Y2 and 20Y1
4. EX 14 05
5. EX 14.06 ALGO
Cost of goods sold
6. EX 14.07 ALGO
5.000.000 v 300.000.00
1.770.000 x s 1.500.000 xS 270.000.00 v
Total operating expenses
2.500,000 v s 190.000.00 v
Income before income tax expense
Income tax expense
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