For 20Y2, Macklin Inc. reported a significant increase in net income. At the end of theyear, Chris Jenkins, the president, is presented with the following condensed comparativeincome statement:Macklin Inc.Comparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y120Y2$910,000441,000$469,000$139,15099,450$238,600$230,40065,000$295,40065,000$230,400SalesCost of goods soldGross profitSelling expensesAdministrative expensesTotal operating expensesIncome from operationsOther revenueIncome before income taxIncome tax expenseNet income20Y1$700,000350,000$350,000$115,00085,000$200,000$150,00050,000$200,00050,000$150,000Required: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. Use theminus sign to indicate a decrease in the "Difference".columns. SalesCost of goods soldGross profitSelling expensesMacklin Inc.Comparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y120Y2 20Y1 Difference Amount Difference Percent$910,000 $700,000 $441,000350,000$469,000 $350,000 $$139,150 $115,000 $99,450 85,000$238,600 $200,000$230,400 $150,00065,000 50,000Administrative expensesTotal operating expensesIncome from operationsOther revenueIncome before income tax $295,400 $200,000 $65,000 50,000$230,400 $150,000 $Income tax expenseNet income%%%%%%%%%%%

Name: For 20Y2, Macklin Inc. reported a significant increase in net income.
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Description: For 20Y2, Macklin Inc. reported a significant increase in net income. At the end of theyear, Chris Jenkins, the president, is presented with the following condensed comparativeincome statement:Macklin Inc.Comparative Income StatementFor the Years En

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ales ost of goods sold ross profit elling expenses For the Years Ended December 31, 20Y2 and 20Y1 20Y1 Difference - Amount Differ 20Y2 $910,000 $700,000 $ 441,000 350,000 $469,000 $350,000 $139,150 $115,000 $ 99,450 85,000 dministrative expenses Total operating expenses ncome from operations $238,600 $200,000 $220 400 $150.000 0000000

ales ost of goods sold ross profit elling expenses For the Years Ended December 31, 20Y2 and 20Y1 20Y1 Difference - Amount Differ 20Y2 $910,000 $700,000 $ 441,000 350,000 $469,000 $350,000 $139,150 $115,000 $ 99,450 85,000 dministrative expenses Total operating expenses ncome from operations $238,600 $200,000 $220 400 $150.000 0000000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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