Instructions: 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y2 as the base year. Enter decreases as negative amounts and negative percentages Round percentage changes to one decimal place. Greyhound Technology Company Comparative Income Statement For the Years Ended December 31, 20Y3 and 20Y2 Increase (Decrease) Increase (Decrease) 20Υ3 20Υ2 Amount Percent % Sales $739,806 $646,000 Cost of goods sold (533,000) (410,000) $206,806 $236,000 % Gross profit % Selling expenses $(74,250) $(54,000) $ (43,180) 4,000) Administrative expenses % Total operating expenses $(117,430) $(88,00 % Income from operations $89,376 $148,000 % Other income 3,351 2,700 % Income before income tax $92,727 $150,700 % (26,000) (45,200) Income tax expense % $66,727 $105,500 Net income
Instructions: 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y2 as the base year. Enter decreases as negative amounts and negative percentages Round percentage changes to one decimal place. Greyhound Technology Company Comparative Income Statement For the Years Ended December 31, 20Y3 and 20Y2 Increase (Decrease) Increase (Decrease) 20Υ3 20Υ2 Amount Percent % Sales $739,806 $646,000 Cost of goods sold (533,000) (410,000) $206,806 $236,000 % Gross profit % Selling expenses $(74,250) $(54,000) $ (43,180) 4,000) Administrative expenses % Total operating expenses $(117,430) $(88,00 % Income from operations $89,376 $148,000 % Other income 3,351 2,700 % Income before income tax $92,727 $150,700 % (26,000) (45,200) Income tax expense % $66,727 $105,500 Net income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Need help on the INCREASE (Decrease) amounts and in the INCREASE( Decrease ) percent
Transcribed Image Text:Instructions:
1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y2 as the base year. Enter decreases as negative amounts and negative percentages
Round percentage changes to one decimal place.
Greyhound Technology Company
Comparative Income Statement
For the Years Ended December 31, 20Y3 and 20Y2
Increase (Decrease) Increase (Decrease)
20Υ3
20Υ2
Amount
Percent
%
Sales
$739,806
$646,000
Cost of goods sold
(533,000) (410,000)
$206,806
$236,000
%
Gross profit
%
Selling expenses
$(74,250) $(54,000) $
(43,180)
4,000)
Administrative expenses
%
Total operating expenses $(117,430) $(88,00
%
Income from operations
$89,376 $148,000
%
Other income
3,351
2,700
%
Income before income tax
$92,727
$150,700
%
(26,000)
(45,200)
Income tax expense
%
$66,727
$105,500
Net income
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