Income statements for Fanning Company for Year 3 and Year 4 follow. FANNING COMPANY Income Statements Sales Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income Year 4 $200,200 143,800 20,500 12,500 3,500 $180,300 19,900 5,900 $14,000 Year 3 $180,200 121,800 18,500 14,500 5,500 $160,300 19,900 3,100 $16,800 Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4. b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.

Income statements for Fanning Company for Year 3 and Year 4 follow. FANNING COMPANY Income Statements Sales Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income Year 4 $200,200 143,800 20,500 12,500 3,500 $180,300 19,900 5,900 $14,000 Year 3 $180,200 121,800 18,500 14,500 5,500 $160,300 19,900 3,100 $16,800 Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4. b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.

Name: Income statements for Fanning Company for Year 3 and Year 4 follow.FA
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Description: Income statements for Fanning Company for Year 3 and Year 4 follow.FANNING COMPANYIncome Statements.SalesCost of goods sold.Selling expensesAdministrative expenses.Interest expenseTotal expensesIncome before taxesIncome taxes expenseNet incomeYear 4

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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