come statements of McCormick Music Co. follow (Click the icon to view the comparative income statements.) Requirement Prepare a horizontal analysis of the comparative income statements of McCormick Music Co. Round percentage changes to the nearest one-tenth percent. (Use a minus sign or parentheses for decreases. Round percentage changes to the nearest one-tonth percent, XX%) Increase (Decrease) Amount Percentage $ 2018 1.075,000 $ 2017 915,000 475,000 406 250 L Total revenue Expenses: Cost of goods sold Selling and general expenses Interest expense Income tax expense Total expenses 285,000 22.500 264,000 12,500 104.500 887.000 82.150 754.900 Enter any number in the editfelds and then click Check Answer All parts showing Type here to search Check Answer nn The comparative income statements of McCormick Music Co. follow: B. (Click the icon to view the comparative income statements.) Requirement Prepare a horizontal analysis of the comparative income statements of McCormick Music Co. Round percentage changes to the nearest one-tenth percent. (Use a minus sign or parentheses for decreases. Round percentage changes to the nearest one-tenth percent, X.X%.) Percentage Amount 2018 1,075,000 $ ZUTT 915,000 $ Total revenue Expenses: Cost of goods sold Selling and general expenses Interest expense Income tax expense Total expenses 475,000 285,000 22,500 104,500 887.000 188,000 $ 406,250L 264,000 12,500 62,150 764,900 150,100 Net income $ Enter any number in the edit fields and then click Check Answer. All parts showing Clear All Check Answer Type here to search 1:20 PM 4/16/2020 Goo 6 7 8 9 nearest one-tenth und percentage ch 2017 915,000 Years Ended December 31, 2018 and 2017 2018 $ 1,075,000 $ Total revenue Expenses: Cost of goods sold $ 475,000 $ Selling and general expenses 285,000 Interest expense 22,500 104,500 Income tax expense 887,000 Total expenses 188,000 $ Net income 406,250 264,000 12,500 82,150 764,900 150,100 Print | Done Check A o $ e 99+ NEXT QUESTION To follow is the 2018 income statement of Carmen's Imports, Inc. (Click the icon to view the income statement.) Read the requirements 1. How much gross profit did Carmen cam on the sale of its products in 2018? How much was income from continuing operations? How much net income did the company earn? (Use parentheses or a minus sign for losses.) s thousand Gross profit Income from continuing operations Net income thousand thousand Enter any number in the edit fields and then click Check Answer Check Answer Clear All 2 parts 21 PM 4/16/2020 2 remaining OPIS e ype here to search hp me did the Carmen's Imports, Inc. Consolidated Statement of Operations (Adapted) Year Ended (In thousands except per share amounts) 2018 2017 $ 1,825,885 $ 1,806,221 Net sales Operating costs and expenses: Cost of sales (including buying and store occupancy costs) 1,121,290 1,045,980 Selling, general, and administrative expenses 549,450 526,850 55,975 48,950 Depreciation and amortization 1.726,715 1,621,780 Total operating costs and expenses mber Print Dono oi se 9 DOROGORO 1,726,715 99,170 1,621,780 184,441 fre did the Total operating costs and expenses Operating income (loss) Nonoperating (income) and expenses: Interest and investment income (2,685) 1,715 Interest expense (970) 100,140 37,218 Interest income, net Income (loss) from continuing operations before income taxes Provision (benefit) for income taxes Income (loss) from continuing operations Discontinued operations: (2,740) 1.650 (1,090) 185,531 64,566 120,965 $ 62,922 $ Print Done 4/16/ o se_@ 9.9 $ 62,92% 20,905 Income (loss) from continuing operations Discontinued operations: Income (loss) from discontinued operations ne did the 230 63,152 $ (2,500) 118,465 $ Net income (loss) Earnings (loss) per share from continuing operations: Basic 2.79 $ 1.42 $ 0.07 $ (0.08) Earnings (loss) per share from discontinued operations: Basic Earnings (loss) per share: Basic $ 2.72 $ 1.34 Print Done 12 otse 99 4/16 come statement.) i Requirements How much net income didt men es or ns1 1. How much gross profit did Carmen earn on the sale of its products in 2018? How much was income from continuing operations? How much net income did the company earn? 2. At the end of 2018, what dollar amount of income would most sophisticated investors use to predict Carmen's Imports' net income for 2019 and beyond? Name this item, give its amount, and state your reason. Print Done elds and then click Check Answer. Clear All Check Answer ' ol se @ 9 hp Quit/ Test al Question Help To folow is the 2018 income statement of Carmen's Imports, Inc. (Click the icon to view the income statement.) Read the requirements 1. How much gross profit did Carmen cam on the sale of its products in 2018? How much was income from continuing operations? How much net income did the company earn? (Use parentheses or a minus sign for losses.) Gross prof Income from continuing operations Ne income thousand thousand thousand s Enter any number in the edit fields and then click Check Answer 2 parts romaning Check Answer Type here to search O RI e * * * * backpace E/R/TY uliop