Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Current Year Previous Year Sales $607,200 $460,000 Cost of merchandise sold 503, 100 390,000 Gross profit $104,100 $70,000 Selling expenses $31,720 $26,000 Administrative expenses 28,600 22,000 Total operating expenses $60,320 $48,000 Income before income tax expense $43, 780 $22,000 Income tax expenses 17,500 8,800 Net income $26, 280 $13, 200 Question Content Area a. Prepare a comparative income statement with horizontal analysis, indicating the increase ( decrease) for the current year when compared with the previous year. If required, round to one decimal place.

Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Current Year Previous Year Sales $607,200 $460,000 Cost of merchandise sold 503, 100 390,000 Gross profit $104,100 $70,000 Selling expenses $31,720 $26,000 Administrative expenses 28,600 22,000 Total operating expenses $60,320 $48,000 Income before income tax expense $43, 780 $22,000 Income tax expenses 17,500 8,800 Net income $26, 280 $13, 200 Question Content Area a. Prepare a comparative income statement with horizontal analysis, indicating the increase ( decrease) for the current year when compared with the previous year. If required, round to one decimal place.

Name: Income statement data for Winthrop Company for two recent years ended
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Description: Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Current YearPrevious Year Sales $607,200 $460,000 Cost of merchandise sold 503, 100 390,000 Gross profit $104,100 $70,000Selling expenses $31,720 $26,0

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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