vi.6 Exercise 13-1A (Algo) Horizontal analysis LO 13-1Munoz Corporation reported the following operating results for two consecutive years:Requireda. Compute the percentage changes in Munoz Corporation's Income statement components between the two years.Note: Negative amounts should be indicated by a minus sign. Round your answers to 1 decimal place. (l.e., 0.234 should beentered as 23.4).MUNOZ CORPORATIONIncome StatementsPercentageYear 3Year 2ChangeSalesCost of goods soldGross marginOperating expensesIncome before taxes$1,298,000 S1,001,500%798,270600,900499,730400,600304,000197,000195,730203,600Income taxes61,80052,100Net income (loss)S133,930 S151,500%

Horizontal Analysis: It implies to a technique of analyzing company's financial statements by…

Exercise 13-1A (Algo) Horizontal analysis LO 13-1 Munoz Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Munoz Corporation's Income statement components between the two years. Note: Negative amounts should be indicated by a minus sign. Round your answers to 1 decimal place. (I.e., 0.234 should be entered as 23.4). MUNOZ CORPORATION Income Statements Year 3 Year 2 Percentage Change Sales $ 1,298,000 $1,001,500 % Cost of goods sold 798,270 600,900 Gross margin 499,730 400,600 Operating expenses 304,000 197,000 Income before taxes 195,730 203,600 Income taxes 61,800 52,100 Net income (loss) $ 133,930 S 151,500 %

Exercise 13-1A (Algo) Horizontal analysis LO 13-1 Munoz Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Munoz Corporation's Income statement components between the two years. Note: Negative amounts should be indicated by a minus sign. Round your answers to 1 decimal place. (I.e., 0.234 should be entered as 23.4). MUNOZ CORPORATION Income Statements Year 3 Year 2 Percentage Change Sales $ 1,298,000 $1,001,500 % Cost of goods sold 798,270 600,900 Gross margin 499,730 400,600 Operating expenses 304,000 197,000 Income before taxes 195,730 203,600 Income taxes 61,800 52,100 Net income (loss) $ 133,930 S 151,500 %

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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