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Required: Using the following income statements, perform the calculations needed for horizontal analyses. Note: Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place. LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Change in Current Previous Dollars Percentage Net Sales $110,000 $ 80,000 % Cost of Goods Sold 63,000 47,500 % Gross Profit 47,000 32,500 % Selling, General, and Administrative Expenses 7,000 3,500 % Income from Operations 40,000 29,000 % Interest Expense 3,500 4,750 % Income before Income Tax 36,500 24,250 % Income Tax Expense 10,950 7,275 % Net Income $ 25,550 $ 16,975 %

Required: Using the following income statements, perform the calculations needed for horizontal analyses. Note: Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place. LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Change in Current Previous Dollars Percentage Net Sales $110,000 $ 80,000 % Cost of Goods Sold 63,000 47,500 % Gross Profit 47,000 32,500 % Selling, General, and Administrative Expenses 7,000 3,500 % Income from Operations 40,000 29,000 % Interest Expense 3,500 4,750 % Income before Income Tax 36,500 24,250 % Income Tax Expense 10,950 7,275 % Net Income $ 25,550 $ 16,975 %

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 51E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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Required: Using the following income statements, perform the calculations needed for horizontal analyses. Note: Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place. LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Change in Current Previous Dollars Percentage Net Sales $110,000 $ 80,000 % Cost of Goods Sold 63,000 47,500 % Gross Profit 47,000 32,500 % Selling, General, and Administrative Expenses 7,000 3,500 % Income from Operations 40,000 29,000 % Interest Expense 3,500 4,750 % Income before Income Tax 36,500 24,250 % Income Tax Expense 10,950 7,275 % Net Income $ 25,550 $ 16,975 %
Transcribed Image Text:Required: Using the following income statements, perform the calculations needed for horizontal analyses. Note: Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place. LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Change in Current Previous Dollars Percentage Net Sales $110,000 $ 80,000 % Cost of Goods Sold 63,000 47,500 % Gross Profit 47,000 32,500 % Selling, General, and Administrative Expenses 7,000 3,500 % Income from Operations 40,000 29,000 % Interest Expense 3,500 4,750 % Income before Income Tax 36,500 24,250 % Income Tax Expense 10,950 7,275 % Net Income $ 25,550 $ 16,975 %
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