2011 $475,000 300,000 $175,000 McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 2012 Sales $557,675 Cost of goods sold 408,000 Gross profit $149,675 Selling expenses $58,000 Administrative expenses 33,100 Total operating expenses $91,100 Income from operations $58,575 Other revenue 2,586 Income before income tax $61,161 Income tax expense 17,100 Net income $44,061 $40,000 25,000 $65,000 $110,000 2,000 $112.000 33,600 $78,400 Required: 1. Prepare a comparative Income statement with horizontal analysis for the two-year period, using 2011 as the base year. Round percentages to one decimal place. Use the minus sign to indicate a decrease in the "Increase (Decrease)" columns. McDade Company Required: 1. Prepare a comparative Income statement with horizontal analysis for the two-year period, using 2011 as the base year. Round percentages to one decimal place. Use the minus sign to indicate a decrease in the increase (Decrease)" columns McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 2012 2011 Difference - Amount Difference - Percent Sales $557,675 $475,000 $ Cost of goods sold 408,000 300,000 Gross pront $149,675 $175,000 Selling expenses 358,000 $40,000 Administrative expenses 33,100 25,000 Total operating expenses $91,100 $65,000 Income from operations $58,575 $110,000 $ 2,586 Other revenue 2,000 Income before income tax $61,161 $112.000 income tax expense 17,100 33,600 $44,061 $78,400 Net income causing the from 20Y1 to 2012. Sales have ; however, the cost of goods sold has 2. Net Income has gross profit to