eBook Print Hem Horizontal Analysis for Income Statement for 2013, Greyhound Technology Company reported its most significant decline in net income in years. At the end of the year, Duane Vogel, the president, is presented with the following condensed comparative income statement: GREYHOUND TECHNOLOGY COMPANY Comparative Income Statement For the Years Ended December 31, 20Y3 and 2012 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense Net income Instructions: Check My Work 3 more Check My Work uses remaining 2013 20Y2 $341,728 $ 304,000 (239,400) $ 102,328 $ (34,450) (19,740) $ (54,190) $ 48,138 1,615 (190,000) $114,000 $ (26,000) (16,000) $ (42,000) $72,000 1,300) $ 49,753 $73,300 (13,900) (22,000) $35,853 $51,300 Next>> Save and Exit Submit Assignment for Grading eBook Print Item Greyhound Technology Company Comparative Income Statement For the Years Ended December 31, 20Y3 and 20Y2 Increase (Decrease) Increase (Decrease) Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense 2013 2012 $341,728 $304,000 (239,400) (190,000) $102,328 $114,000 $34,450) $(26,000) (19,740) (16,000) $(54,190) $(42,000) $48,138 $72,000 1,615 1,300 $49,753 (13,900) $73,300 (22,000) $35,853 $51,300 Amount Percent % % % % % % Net income 2. Based on the horizontal analysis prepared in 1 which of the following statements is correct? a. Net income declined from 2012 to 2013. b. Sales increased, but the cost of goods also increased causing gross profit to dedine c. Other revenues decreased slightly and income tax expense increased. d. Over all there is decline in net income. Check My Work more Check My Work us remaining Save and Ext Next Submit Assignment for Grading