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 yourpercentage answers to 1 decimal place.)FEDERER SPORTS APPARELIncome StatementFor the Years Ended December 31YearIncrease (Decrease)20222021AmountNet sales18,600,000 $15,300,000Cost of goods sold13,280,4006,885,000Gross profit5,319,6008,415,000Operating expenses1,543,8001,147,500Depreciation expense948,600948,600Inventory write-down167,400Loss (litigation)1,450,800321,300Income before tax1,209,0005,997,600409,2001,943,100Income tax expenseNet income799,800 $ 4,054,500$

Horizontal analysis refers to the analysis which is used for reviewing the financial statements of…

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 you. percentage answers to 1 decimal place.) Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (itigation) Income before tax locome tax expense FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year $ 2022 18,600,000 $ 13,280,400 5,319,600 1,543,800 948,600 167,400 1,450,800 1,209,000 400 000 2021 15,300,000 6,885,000 8,415,000 1,147,500 948,600 321,300 5,997,600 Increase (Decrease) Amount %

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 you. percentage answers to 1 decimal place.) Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (itigation) Income before tax locome tax expense FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year $ 2022 18,600,000 $ 13,280,400 5,319,600 1,543,800 948,600 167,400 1,450,800 1,209,000 400 000 2021 15,300,000 6,885,000 8,415,000 1,147,500 948,600 321,300 5,997,600 Increase (Decrease) Amount %

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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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
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 $ 18,900,000 $ 15,600,000 $ 3,300,000 2.1 Cost of goods sold 13,154,400 7,066,800 6,087,600 86.1 Gross profit 5,745,600 8,533,200 (2,787,600) (32.6): Operating expenses 1,625,400 1,216,800 408,600 33.5 Depreciation expense 1,020,600 1,020,600 Inventory write-down 226,800 226,800 0.0 Loss (litigation) 1,530,900 312,000 1,218,900 39.0 Income before tax 1,341,900 5,983,800 4,641,900 0.7 Income tax expense 472,500 2,028,000 1,555,500 0.7 Net income $ 869,400 $ 3,955,800 $ 3,086,400 0.7
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