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Question - Income statements for Fanning Company for 2018 and 2019 follow:
FANNING COMPANY Income Statements
2019
2018
Sales
$200,600
$180,600
Cost of goods sold
142,000
120,000
Selling expenses
20,700
18,700
Administrative expenses
12,900
14,900
Interest expense
3,400
5,400
Total expenses
$179,000
$159,000
Income before taxes
21,600
Income taxes expense
6,600
3,600
Net income
$15,000
$18,000
Required -
1. Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019.
2. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.
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