The comparative income statements of O'Neil Music Co. follow: EEB (Click the icon to view the comparative income statements.) Requirement Prepare a horizontal analysis of the comparative income statements of O'Neil Music Co. Round percentage changes to the nearest one-tenth percent. (Use a minus sign or parentheses for decreases. Round percentage changes to the nearest one-tenth percent, X.X%.) O'Neil Music Co Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2018 and 2017 Data Table Increase (Decrease) Amount Percentage 2018 2017 $ 1,077,000 $ 917,000 O'Neil Music Co Comparative Income Statements Years Ended December 31, 2018 and 2017 Total revenue Expenses: Cost of goods sold Selling and general expenses Interest expense Income tax expense otal expenses 477,000 408,750 287,000 267,000 13,500 84,650 893,000 773,900 S 184,000 $ 143,100 2018 2017 Total revenue $ 1,077,000 $917,000 23,500 105,500 Expenses Cost of goods solo Selling and general expenses Interest expense Income tax expense otal expenses 477,000 $ 408,750 267,000 13,500 84,650 773,900 $184,000$143,100 287,000 23,500 105,500 893,000 Net income Net income Print Done

The comparative income statements of O'Neil Music Co. follow: EEB (Click the icon to view the comparative income statements.) Requirement Prepare a horizontal analysis of the comparative income statements of O'Neil Music Co. Round percentage changes to the nearest one-tenth percent. (Use a minus sign or parentheses for decreases. Round percentage changes to the nearest one-tenth percent, X.X%.) O'Neil Music Co Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2018 and 2017 Data Table Increase (Decrease) Amount Percentage 2018 2017 $ 1,077,000 $ 917,000 O'Neil Music Co Comparative Income Statements Years Ended December 31, 2018 and 2017 Total revenue Expenses: Cost of goods sold Selling and general expenses Interest expense Income tax expense otal expenses 477,000 408,750 287,000 267,000 13,500 84,650 893,000 773,900 S 184,000 $ 143,100 2018 2017 Total revenue $ 1,077,000 $917,000 23,500 105,500 Expenses Cost of goods solo Selling and general expenses Interest expense Income tax expense otal expenses 477,000 $ 408,750 267,000 13,500 84,650 773,900 $184,000$143,100 287,000 23,500 105,500 893,000 Net income Net income Print Done

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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