1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y2 as the base year. Enter decreases as negative amounts and negative percentages. Round percentage chang to one decimal place. Greyhound Technology Company Comparative Income Statement For the Years Ended December 31, 20Y3 and 20Y2 Increase (Decrease) Increase (Decrease) 20Y3 20Y2 Amount Percent Sales $636,292 5541,000 Cost of goods sold (462,400) (340,000) Gross profit $173,892 $201,000 Seling expenses S(66,700) s(46,000) Administratve expenses (38,400) (29,000) Total operating expenses $(105,100) $(75,000) Income from operations $68,792 $126,000 Other income 2,880 2,300 Income before income tax $71,672 $128,300 Income tax expense (20,100) (38,500) Net income $51,572 S89,800
1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y2 as the base year. Enter decreases as negative amounts and negative percentages. Round percentage chang to one decimal place. Greyhound Technology Company Comparative Income Statement For the Years Ended December 31, 20Y3 and 20Y2 Increase (Decrease) Increase (Decrease) 20Y3 20Y2 Amount Percent Sales $636,292 5541,000 Cost of goods sold (462,400) (340,000) Gross profit $173,892 $201,000 Seling expenses S(66,700) s(46,000) Administratve expenses (38,400) (29,000) Total operating expenses $(105,100) $(75,000) Income from operations $68,792 $126,000 Other income 2,880 2,300 Income before income tax $71,672 $128,300 Income tax expense (20,100) (38,500) Net income $51,572 S89,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y2 as the base year. Enter decreases as negative amounts and negative percentages. Round percentage chang
to one decimal place.
Greyhound Technology Company
Comparative Income Statement
For the Years Ended December 31, 20Y3 and 20Y2
Increase (Decrease) Increase (Decrease)
20Y3
20Y2
Amount
Percent
Sales
$636,292
5541,000
Cost of goods sold
(462,400) (340,000)
Gross profit
$173,892
$201,000
Seling expenses
S(66,700) s(46,000)
Administratve expenses
(38,400)
(29,000)
Total operating expenses
$(105,100)
$(75,000)
Income from operations
$68,792
$126,000
Other income
2,880
2,300
Income before income tax
$71,672
$128,300
Income tax expense
(20,100)
(38,500)
Net income
$51,572
S89,800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8b3c36ae-2480-4d02-a18e-2141953db5ac%2F030e544e-bdcc-4f5f-a52a-d8ed5277d744%2F2tverbp_processed.png&w=3840&q=75)
Transcribed Image Text:1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y2 as the base year. Enter decreases as negative amounts and negative percentages. Round percentage chang
to one decimal place.
Greyhound Technology Company
Comparative Income Statement
For the Years Ended December 31, 20Y3 and 20Y2
Increase (Decrease) Increase (Decrease)
20Y3
20Y2
Amount
Percent
Sales
$636,292
5541,000
Cost of goods sold
(462,400) (340,000)
Gross profit
$173,892
$201,000
Seling expenses
S(66,700) s(46,000)
Administratve expenses
(38,400)
(29,000)
Total operating expenses
$(105,100)
$(75,000)
Income from operations
$68,792
$126,000
Other income
2,880
2,300
Income before income tax
$71,672
$128,300
Income tax expense
(20,100)
(38,500)
Net income
$51,572
S89,800
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