Prepare a horizontal analysis of Paragon Company’s income statements. If required, round your percentage to the nearest whole number.Paragon CompanyIncome StatementsFor the Years Ended December 31 Increase/(Decrease) 20Y7 20Y6 Amount Percent Fees earned $2,360,000 $2,000,000 $ fill in the blank 1 fill in the blank 2%Expenses (1,680,000) (1,500,000) fill in the blank 3 fill in the blank 4%Net income $680,000 $500,000 $ fill in the blank 5 fill in the blank %

Answered: Prepare a horizontal analysis of…

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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Prepare a horizontal analysis of Paragon Company’s income statements. If required, round your percentage to the nearest whole number.

Paragon Company
Income Statements
For the Years Ended December 31
			Increase/(Decrease)
	20Y7	20Y6	Amount	Percent
Fees earned	$2,360,000	$2,000,000	$ fill in the blank 1	fill in the blank 2	%
Expenses	(1,680,000)	(1,500,000)	fill in the blank 3	fill in the blank 4	%
Net income	$680,000	$500,000	$ fill in the blank 5	fill in the blank	%

Expert Solution

Step 1

Percentage of increase/(decrease)

= Increase amount/(Decrease amount)/Beginning balance (20Y6)

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