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Income statements for Sennett Company for 2008 and 2009 follow.
2009
2008
Sales
$121,000
$92,000
Cost of goods sold
75,000
51,000
Selling expenses
20,000
11,000
Administrative expenses
12,000
14,000
Interest expense
3,000
5,000
Total expenses
110,000
81,000
Income before taxes
Income taxes expense
2,000
Net income
$ 8,000
$ 9,000
Required
a. Perform a horizontal analysis, showing the percentage change in each income statement component between 2008 and 2009.
b. Perform a vertical analysis, showing each income statement component as a percent of sales for each year.
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