Exercise 12-72 Horizontal Analysis of Income Statements Consolidated Income statements for Winged Manufacturing follow Winged Manufacturing Consolidated Income Statements (in thousands except per share amounts) Three fiscal years ended December 31, 2019 2018 2017 Sales $9,188,748 $7,976,954 $7,086,542 Costs and expenses Cost of goods sold 56,844,915 $5,248,834 $3,991,337 Research and development 564,303 664,564 602,135 Selling, general, and administrative 1,384,111 1,632,362 1,637,262 Restructuring costs and other (126,855) 320,856 50,000 58,666,474 $7,866,616 $6,280,734 Operating income $522,274 $110,338 $805,808 Interest and other income, net (21,988) 29,321 49,634 Income before income taxes $500,286 $139,659 $855,442 Provision for income taxes 190, 108 53,070 325,069 Net income $310,178 $86,589 $530,373 Earnings per common and common equivalent share $2.61 $0.73 $4.33 Common and common equivalent shares used in the 118,735 119,125 122,490 calculations of earnings per share Required: Prepare common size income statements for horizontal analysis. Enter your answers in percentage terms, rounded to two decimal places, and do not include the "%" sign with your answer. For example, "100.00" or "28.72". For those boxes in which underlying dollar amount is shown as negative, use a minus sign. You do not need to include the actual dollar amounts shown above Winged Manufacturing Consolidated Income Statements $522,274 $110,336 3805,808 Operating income Interest and other income, net Income before income taxes Provision for income taxes (21,988) 29,321 $500,286 190, 108 $310,178 $139,659 53,070 49,634 $855,442 325,069 $530,373 $86,589 Net Income Earnings per common and common equivalent share Common and common equivalent shares used in the calculations of earnings per share $2.61 $0.73 $4.33 118,735 119,125 122,490 Required: Prepare common size income statements for horizontal analysis. Enter your answers in percentage terms, rounded to two decimal places, and do not include the "" sign with your answer. For example, "100.00" or "28.72". For those boxes in which underlying dollar amount is shown as negative, use a minus sign. You do not need to include the actual dollar amounts shown above. Winged Manufacturing Consolidated Income Statements 2019 2018 2017 94 % Sales Costs and expenses: Cost of goods sold Research and development Selling, general, and administrative Restructuring costs and other % % % Operating income Interest and other income, net Income before income taxes Provision for income taxes Net Income % Earnings per common and common equivalent share
