The comparative condensed income statements of Hendi Corporation are shown below:
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| 2014 | 2013 |
| Net sales | 600,000 | 500,000 |
| Cost of goods sold | 468,000 | 400,000 |
| Gross profit | 132,000 | 100,000 |
| Operating expenses | 60,000 | 54,000 |
| Net income | 72,000 | 46,000 |
Instructions:
(a) Prepare a horizontal analysis of the income statement data for Hendi Corporation using 2013 as a base. (Show the amounts of increase or decrease.) (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.3%.)
(b) Prepare a vertical analysis of the income statement data for Hendi Corporation in columnar form for both years. (Round percentages to 1 decimal place, e.g. 12.3%.)
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