The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) 2022 2021 Amount Net sales %24 19,100,000 $ 15,800,000 13,064,400 7,189,000 Cost of goods sold Gross profit 6,035,600 8,611,000 1,264,000 Operating expenses Depreciation expense Inventory write-down Loss (litigation) 1,680,800 1,069,600 1,069,600 267,400 1,585,300 347,600 Income before tax 1,432,500 5,929,800 515,700 2,085,600 Income tax expense Net income 916,800 S 3,844,200
The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) 2022 2021 Amount Net sales %24 19,100,000 $ 15,800,000 13,064,400 7,189,000 Cost of goods sold Gross profit 6,035,600 8,611,000 1,264,000 Operating expenses Depreciation expense Inventory write-down Loss (litigation) 1,680,800 1,069,600 1,069,600 267,400 1,585,300 347,600 Income before tax 1,432,500 5,929,800 515,700 2,085,600 Income tax expense Net income 916,800 S 3,844,200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me
Transcribed Image Text:The income statements for Federer Sports Apparel for 2022 and 2021 are presented below.
Required:
Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign.
Round your percentage answers to 1 decimal place.)
FEDERER SPORTS APPAREL
Income Statement
For the Years Ended December 31
Year
Increase (Decrease)
2022
2021
Amount
Net sales
19,100,000 S
15,800,000
Cost of goods sold
13,064,400
7,189,000
Gross profit
6,035,600
8,611,000
1,680,800
1,264,000
Operating expenses
Depreciation expense
1,069,600
1,069,600
Inventory write-down
267,400
Loss (litigation)
1,585,300
347,600
Income before tax
1,432,500
5,929,800
Income tax expense
515,700
2,085,600
Net income
$4
916,800 S
3,844,200
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education