Prepare a horizontal analysis of the following comparative income statement for the Buff Bodies Corporation. Round percentage changes to the nearest one-hundredth percent. Buff Bodies Corporation Comparative Income Statement for the Years Ended December 31, 2020 and 2019 2020 2019 Total revenue $1,450,000 $1,300,000 Expenses: Cost of goods sold $ 1,023,000 $ 930,000 Operating expenses 310,000 275,000 Interest expense 12,000 10,000 Income tax expense 48,300 38,000 Total expenses $1,393,300 $1,253,000 Net income $ 56,700 $ 47,000
- Prepare a horizontal analysis of the following comparative income statement for the Buff Bodies Corporation. Round percentage changes to the nearest one-hundredth percent.
Buff Bodies Corporation
Comparative Income Statement
for the Years Ended December 31, 2020 and 2019
2020 2019
Total revenue $1,450,000 $1,300,000
Expenses:
Cost of goods sold $ 1,023,000 $ 930,000
Operating expenses 310,000 275,000
Interest expense 12,000 10,000
Income tax expense 48,300 38,000
Total expenses $1,393,300 $1,253,000
Net income $ 56,700 $ 47,000
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