Horizontal analysis.
Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
| 20X2 | 20X1 | |
| Current Assets | 76,000 | 80,000 |
| Property, Plant, and Equipment (net) | 99,000 | 90,000 |
| Intangibles | 25,000 | 50,000 |
| Current Liabilities | 40,800 | 48,000 |
| Long-Term Liabilities | 143,000 | 160,000 |
| Stockholders’ Equity | 16,200 | 12,000 |
| Net Sales | 500,000 | 500,000 |
| Cost of Goods Sold | 332,500 | 350,000 |
| Operating Expenses | 93,500 | 85,000 |
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
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