The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, are provided below. Required: 1. Complete the “Amount” and “%” columns to be used in a horizontal analysis of Galaxy Tennis income statement. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) GALAXY TENNIS Income Statements For the Years Ended December 31 Increase (Decrease) 2021 2020 Amount % Net sales $6,030,000 $6,170,000 Cost of goods sold 2,810,000 2,900,000 Gross profit 3,220,000 3,270,000 Operating expenses 1,490,000 1,374,000 Operating income 1,730,000 1,896,000 Other income (expense) 56,000 77,000 Income before tax 1,786,000 1,973,000 Income tax expense 382,000 431,000 Net income $1,404,000 $1,542,000
The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, are provided below. Required: 1. Complete the “Amount” and “%” columns to be used in a horizontal analysis of Galaxy Tennis income statement. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) GALAXY TENNIS Income Statements For the Years Ended December 31 Increase (Decrease) 2021 2020 Amount % Net sales $6,030,000 $6,170,000 Cost of goods sold 2,810,000 2,900,000 Gross profit 3,220,000 3,270,000 Operating expenses 1,490,000 1,374,000 Operating income 1,730,000 1,896,000 Other income (expense) 56,000 77,000 Income before tax 1,786,000 1,973,000 Income tax expense 382,000 431,000 Net income $1,404,000 $1,542,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, are provided below.
Required:
1. Complete the “Amount” and “%” columns to be used in a horizontal analysis of Galaxy Tennis income statement. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.)
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