B

The income statements for Urban Outfits, Inc. are presented below: Urban Outfits, Inc. Income Statements Year Ended December 31 Current Year Sales Revenue $851,559 Cost of Goods Sold 430,511 Gross Profit 421, 048 Operating and Other Expenses 151, 904 Interest Expense 8,450 Income Tax Expense 54,800 Net Income $205,894 Prior Year $785, 412 400, 148 385,264 138,560 23,700 52,700 $170,304 Required: Prepare a horizontal analysis of the income statement above. (Round your percentage answer decreases with a minus sign.) URBAN OUTFITS, INC Income Statements Year Ended December 31 TARA URBAN OUTFITS, INC Income Statements Year Ended December 31 Increase (Decrease) Amount Percent (%) Current Prior Year Year $ 851.559 | $ 785.412 Sales Revenue Cost of Goods Sold 430,511 400.148 Gross Profit 421,048 385.264 151.904 138.560 8.450 23,700 Operating and Other Expenses Interest Expense Income Tax Expense Net Income 54.800 52.700 $ 205.894 $ 170,304