E15-4 The comparative condensed income statements of Hendi Corporation are shown below. HENDI CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2009 2008 Net sales $600,000 $500,000 Cost of goods sold 483,000 420,000 Gross profit 117,000 80,000 Operating expenses 57,200 44,000 Net income $ 59,800 $ 36,000 Complete the horizontal analysis of the income statement data for Hendi Corporation using 2008 as a base. (Show the amounts of increase or decrease.) (If amount is a decrease, use either a negative sign preceding the number eg -45 or parentheses eg (45). Round percentages to 1 decimal place, e.g. 10.5. ) HENDI CORPORATION Condensed Income Statements For the Years Ended December 31 Increase or (Decrease) 2009 2008 Amount Percentage Net sales $ $ $ % Cost of goods sold % Gross profit % Operating expenses % Net income $ $ $ % Complete the vertical analysis of the income statement data for Hendi Corporation in columnar form for both years. (Round percentages to 1 decimal place, e.g. 10.5.) HENDI CORPORATION Condensed Income Statements For the Years Ended December 31 2009 2008 Amount Percentage Amount Percentage Net sales $ % $ % Cost of goods sold % % Gross profit % % Operating expenses % % Net income $ % $ %