m13 1 using the following income statements perform the calculations needed for hori 498789
Using the following income statements, perform the calculations needed for horizontal analyses. Round percentages to one decimal place.
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m13 1 using the following income statements perform the calculations needed for hori 498789
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LOCKEY FENCING CORPORATION
Income Statements
For the year ended December 31
2013 2012
Amounts Amounts
Net Sales $100,000.00 $75,000.00
Cost of Goods Sold $58,000.00 $45,000.00
Gross Profit $42,000.00 $30,000.00
Selling, General, and Administrative Expenses $9,000.00 $4,500.00
Income from Operations$33,000.00 $25,500.00
Interest Expense $3,000.00 $3,750.00
Income before Income Tax $30,000.00 $21,750.00
Income Tax Expense $9,000.00 $6,525.00
Net Income $21,000.00 $15,225.00
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