1 M13-1 (Algo) Calculations for Horizontal Analyses [LO 13-2] Required: Using the following income statements, perform the calculations needed for horizontal analyses. Note: Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place. LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Change in Current Previous Dollars Percentage Net Sales $ 104,000 $77,000 % ces Cost of Goods Sold 60,000 46,000 % Gross Profit 44,000 31,000 Selling, General, and Administrative Expenses 8,200 4,100 Income from Operations 35,800 26,900 Interest Expense: 3,200 4,150 % Income before Income Tax 32,600 22,750 % Income Tax Expense 9,780 6,825 % Net Income $ 22,820 $ 15,925 Phy 1 of 15 # %