E connect ACCOUNTING 010-T11 Chapter 13 HW Question 1 (of 6) value 2.50 points M13-1 Calculations for Horizontal Analyses [LO 13-2] Using the following income statements, perform the calculations needed for horizontal analyses ( Decreases shouldbe indicated by a minus sign. Round per centage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Change in Current Previous Dollars Percentage Net Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income $ 110,00OS 80,000 47.500 32,500 3,500 29,000 4.750 63,000 47,000 7.000 40,000 3,500 36,500 10,950 7.275 s 25,55016,975 References eBook &Resources Worksheet Dificulty: 2 Medium 0 Type here to search