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Horizontal Analysis of Income Statement
For 2014, Wiglaf Company reported its most significant decline in net income in years. At the end of the year, C.S. Lewis, the president, is presented with the following condensed comparative income statement:
Wiglaf Company Comparative Income Statement For the Years Ended December 31, 2014 and 2013
2014
2013
Sales
$704,000
$640,000
Sales returns and allowances
39,104
32,000
Net sales
$664,896
$608,000
Cost of goods sold
456,000
380,000
Gross profit
$208,896
$228,000
Selling expenses
$63,750
$51,000
Administrative expenses
37,760
Total operating expenses
$101,510
$83,000
Income from operations
$107,386
$145,000
Other income
3,177
2,600
Income before income tax
$110,563
$147,600
Income tax expense
31,000
44,300
Net income
$79,563
$103,300
Prepare a comparative income statement with horizontal analysis for the two-year period, using 2013 as the base year. Use the minus sign to indicate a decrease in the "Difference" columns. If required, round to one decimal place.
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