The income statements for Anything Tennis for the years ending December 31, 2024 and 2023, are provided below

Required:
1. Complete the “Amount” and “%” columns to be used in a horizontal analysis of the income statements for Anything Tennis.
2. Discuss the major fluctuations in income statement items during the year.

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Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income ANYTHING TENNIS Income Statements For the years ended December 31 2024 $3,500,000 2,150,000 1,350,000 810,000 540,000 10,000 550,000 100,000 $ 450,000 2023 $2,620,000 1,380,000 1,240,000 630,000 610,000 6,000 616,000 140,000 $ 476,000 Increase (Decrease) % Amount