EX 2-24 Horizontal analysis of income statement
The following data were adapted from the financial statements of Kmart Corporation, prior to its filing for bankruptcy:
| In millions | ||
| For years ending January 31 | 2000 | 1999 |
| Sales | $37,028 | $35,925 |
| Cost of sales (expense) | -29,658 | -28,111 |
| Selling, general, and administrative expenses | -7,415 | -6,514 |
| Operating income (loss) | ($45) | $1,300 |
a. Prepare a horizontal analysis for the income statement showing the amount and percent of change in each of the following:
1. Sales
2. Cost of sales
3. Selling, general, and administrative expenses
4. Operating income (loss)
b. Comment on the results of your horizontal analysis in part (a).
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