The income statements for Urban Outfits, Inc. are presented below.Urban Outfits, Inc.Income StatementsYear Ended December 31Sales revenueCost of goods soldGross profitOperating and other expensesInterest expenseIncome tax expenseNet incomeSales RevenueCost of Goods SoldGross ProfitCurrent Year Prior Year$800,059398,202401,857Operating and Other ExpensesInterest ExpenseIncome Tax ExpenseNet Income138,7917,65047,000$208,416Prepare a horizontal analysis of the income statement above. (Enter your answers to the nearest wholepercent (i.e., enter 0.12 as 12.))URBAN OUTFITS, INCIncome StatementsYear Ended December 31CurrentYearPrior Year$800,059 $741,413398,202 368,210401,857373,203138,791127,6247,65016,900$741,413368,21047,00045,500208,416 183,179373,283127,62416,90045,500$183,179Increase (Decrease)Amount Percent (%)

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Description: The income statements for Urban Outfits, Inc. are presented below.Urban Outfits, Inc.Income StatementsYear Ended December 31Sales revenueCost of goods soldGross profitOperating and other expensesInterest expenseIncome tax expenseNet incomeSales Reve

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The income statements for Urban Outfits, Inc. are presented below. Urban Outfits, Inc. Income Statements Year Ended December 31 Sales revenue Cost of goods sold Gross profit Operating and other expenses Interest expense Income tax expense Net income Current Year Prior Year $800,059 $741,413 398,202 368,210 401,857 373,283 138,791 127,624 7,650 47,000 $208,416 Prepare a horizontal analysis of the income statement above. (Enter your answers to the nearest whole percent (i.e., enter 0.12 as 12.)) URBAN OUTFITS, INC Income Statements Year Ended December 31 Sales Revenue Cost of Goods Sold Gross Profit Operating and Other Expenses Interest Expense Income Tax Expense Net Income 16,900 45,500 $183,179 Current Year Prior Year $800,059 $741,413 398,202 368,210 401,857 373,203 138,791 127,624 7,650 16,900 47,000 45,500 208,416 183,179 Increase (Decrease) Amount Percent (%)

The income statements for Urban Outfits, Inc. are presented below. Urban Outfits, Inc. Income Statements Year Ended December 31 Sales revenue Cost of goods sold Gross profit Operating and other expenses Interest expense Income tax expense Net income Current Year Prior Year $800,059 $741,413 398,202 368,210 401,857 373,283 138,791 127,624 7,650 47,000 $208,416 Prepare a horizontal analysis of the income statement above. (Enter your answers to the nearest whole percent (i.e., enter 0.12 as 12.)) URBAN OUTFITS, INC Income Statements Year Ended December 31 Sales Revenue Cost of Goods Sold Gross Profit Operating and Other Expenses Interest Expense Income Tax Expense Net Income 16,900 45,500 $183,179 Current Year Prior Year $800,059 $741,413 398,202 368,210 401,857 373,203 138,791 127,624 7,650 16,900 47,000 45,500 208,416 183,179 Increase (Decrease) Amount Percent (%)

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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