Below is the comparative income statement of Variline, Inc. Requirements 1. Prepare a horizontal analysis of the
Question:
Below is the comparative income statement of Variline, Inc.
Requirements
1. Prepare a horizontal analysis of the comparative income statement of Variline, Inc. Round percentage changes to the nearest tenth of a percent.
2. Why did net income increase by a higher percentage than total revenues increased during 2018?
Transcribed Image Text:
Variline, Inc. Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 $512,000 Revenue $464,300 Expenses: Cost of Goods Sold 257,000 124,300 4,000 236,000 118,800 5,000 37,700 Selling and General Expenses Interest Expense Income Tax 48,800 pense Total Expenses 434,100 $ 77,900 397,500 $ 66,800 Net Income
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