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Question - For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement:
McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1
20Y2
20Y1
Sales
$414,440
$380,000
Cost of merchandise sold
288,000
240,000
Gross profit
$126,440
$140,000
Selling expenses
$40,000
$32,000
Administrative expenses
23,600
20,000
Total operating expenses
$63,600
$52,000
Income from operations
$62,840
$88,000
Other revenue
2,045
1,600
Income before income tax expense
$64,885
$89,600
Income tax expense
18,200
26,900
Net income
$46,685
$62,700
Required - Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year.
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