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Question - Horizontal Analysis of Income Statement - For 20Y2, Macklin Inc. reported a significant decrease in net income. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement:
Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1
20Y2
20Y1
Sales
$644,025
$589,000
Cost of goods sold
(444,000)
(370,000)
Gross profit
$200,025
$219,000
Selling expenses
$(62,500)
$(50,000)
Administrative expenses
(36,580)
(31,000)
Total operating expenses
$(99,080)
$(81,000)
Operating income
$100,945
$138,000
Other revenue
3,063
2,500
Income before income tax expense
$104,008
$140,500
Income tax expense
(29,100)
(42,200)
Net income
$74,908
$98,300
Required - Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Use the minus sign to indicate a decrease in the "Increase/(Decrease)" columns. If required, round percentages to one decimal place.
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