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Question - Horizontal and Vertical Analyses
Comparative income statements are available for Johanna's Fine Furs:
2012
2011
Sales
$850,000
$800,000
Cost of sales
325,000
275,000
Gross profit
525,000
Operating expenses
175,000
120,000
Operating profit
350,000
405,000
Income tax expense
105,000
121,500
Net income
$245,000
$283,500
Perform horizontal analysis on each of the items in the above comparative income statements. Round percentages to one decimal point (i.e., 10.1%). Enter negative values for decreasing numbers. If an amount is zero, enter zero. Omit % sign in your responses.
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