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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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.
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