Amounts from the comparative income statement and balance sheet of Johnson Stores, Inc., for the last two years are as follows:

Johnson Stores, Inc.

Comparative Income Statement

For Years Ended December 31, 20-2 and 20-1

1		20-2	20-1
2	Net sales (all on account)	$467,865.00	$305,145.00
3	Cost of goods sold	256,955.00	149,005.00
4	Gross profit	$210,910.00	$156,140.00
5	Administrative expenses	$43,876.00	$30,617.00
6	Selling expenses	44,994.00	31,293.00
7	Total operating expenses	$88,870.00	$61,910.00
8	Operating income	$122,040.00	$94,230.00
9	Interest expense	916.00	903.00
10	Income before income taxes	$121,124.00	$93,327.00
11	Income tax expense	30,280.00	19,980.00
12	Net income	$90,844.00	$73,347.00

Johnson Stores, Inc.

Comparative Balance Sheet

December 31, 20-2 and 20-1

1		20-2	20-1
2	Assets
3	Current assets:
4	Cash	$30,275.00	$15,604.00
5	Receivables (net)	42,441.00	33,565.00
6	Merchandise inventory	49,460.00	34,636.00
7	Supplies and prepayments	7,119.00	6,403.00
8	Total current assets	$129,295.00	$90,208.00
9	Property, plant, and equipment:
10	Office equipment (net)	$9,025.00	$6,062.00
11	Factory equipment (net)	72,090.00	52,930.00
12	Total property, plant, and equipment	$81,115.00	$58,992.00
13	Total assets	$210,410.00	$149,200.00
14	Liabilities
15	Current liabilities:
16	Notes payable	$4,000.00	$8,000.00
17	Accounts payable	30,233.00	14,821.00
18	Accrued and withheld payroll taxes	6,250.00	7,600.00
19	Total current liabilities	$40,483.00	$30,421.00
20	Stockholders Equity
21	Common stock ($10 par)	$75,000.00	$63,000.00
22	Retained earnings	94,927.00	55,779.00
23	Total stockholders equity	$169,927.00	$118,779.00
24	Total liabilities and stockholders equity	$210,410.00	$149,200.00

	Required:
	Prepare a horizontal analysis of the statements. Add columns to show the amount of increase (decrease) and the percentage change. Round percentages to one decimal place.

Johnson Stores, Inc.

Comparative Income Statement

For Years Ended December 31, 20-2 and 20-1

1		20-2	20-1	Increase (Decrease)	Increase (Decrease)
2		Amount	Amount	Amount	Percent
3	Net sales (all on account)	$467,865.00	$305,145.00
4	Cost of goods sold	256,955.00	149,005.00
5	Gross profit	$210,910.00	$156,140.00
6	Administrative expenses	$43,876.00	$30,617.00
7	Selling expenses	44,994.00	31,293.00
8	Total operating expenses	$88,870.00	$61,910.00
9	Operating income	$122,040.00	$94,230.00
10	Interest expense	916.00	903.00
11	Income before income taxes	$121,124.00	$93,327.00
12	Income tax expense	30,280.00	19,980.00
13	Net income	$90,844.00	$73,347.00

Johnson Stores, Inc.

Comparative Balance Sheet

December 31, 20-2 and 20-1

1		20-2	20-1	Increase (Decrease)	Increase (Decrease)
2		Amount	Amount	Amount	Percent
3	Assets
4	Current assets:
5	Cash	$30,275.00	$15,604.00
6	Receivables (net)	42,441.00	33,565.00
7	Merchandise inventory	49,460.00	34,636.00
8	Supplies and prepayments	7,119.00	6,403.00
9	Total current assets	$129,295.00	$90,208.00
10	Property, plant, and equipment:
11	Office equipment (net)	$9,025.00	$6,062.00
12	Factory equipment (net)	72,090.00	52,930.00
13	Total property, plant, and equipment	$81,115.00	$58,992.00
14	Total assets	$210,410.00	$149,200.00
15	Liabilities
16	Current liabilities:
17	Notes payable	$4,000.00	$8,000.00
18	Accounts payable	30,233.00	14,821.00
19	Accrued and withheld payroll taxes	6,250.00	7,600.00
20	Total current liabilities	$40,483.00	$30,421.00
21	Stockholders Equity
22	Common stock ($10 par)	$75,000.00	$63,000.00
23	Retained earnings	94,927.00	55,779.00
24	Total stockholders equity	$169,927.00	$118,779.00
25	Total liabilities and stockholders equity	$210,410.00	$149,200.00