For 20Y2, Macklin Inc. reported a signilicant decreese in net income. AL Lhe erid ul hhe year, Juhm Mayer, the president, is preserited with the lollowing uUnderised comparative income slalement: Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Y1 Seles $598,000 $715,424 (532,000) Cost of goods sold (360,000) Cruss prulit $218,000 $183,124 S(75,000) (43,520) Selling expenses $(50,000) (32,000) $(82,000) Administrative expenses Tulal uperaling experses 3(118,520) Operating income $64,904 $136,000 2,500 $138,500 (41,600) $96,900 Other revenue 3,170 Incorrie belure incoie lax experse $66,074 Income tax expense (19,100) Net income $48,974 Required: 1. Prepare a LUmparalive incorie slelemenl wilh horieonlal arrelysis iur Lhie Lwo-yeer perivd, usinny 20Y1 as the base yeat. Use Lhe minus sign lo inuicale a decrese in the "Increse/(Decieese)" colurminis. Il required, rour percentages to one decimal place.

For 20Y2, Macklin Inc. reported a signilicant decreese in net income. AL Lhe erid ul hhe year, Juhm Mayer, the president, is preserited with the lollowing uUnderised comparative income slalement: Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Y1 Seles $598,000 $715,424 (532,000) Cost of goods sold (360,000) Cruss prulit $218,000 $183,124 S(75,000) (43,520) Selling expenses $(50,000) (32,000) $(82,000) Administrative expenses Tulal uperaling experses 3(118,520) Operating income $64,904 $136,000 2,500 $138,500 (41,600) $96,900 Other revenue 3,170 Incorrie belure incoie lax experse $66,074 Income tax expense (19,100) Net income $48,974 Required: 1. Prepare a LUmparalive incorie slelemenl wilh horieonlal arrelysis iur Lhie Lwo-yeer perivd, usinny 20Y1 as the base yeat. Use Lhe minus sign lo inuicale a decrese in the "Increse/(Decieese)" colurminis. Il required, rour percentages to one decimal place.

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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