Exercise 13-6

Exercise 13-6 (Part Level Submission) Here are the comparative income statements of Martinez Corp.. MARTINEZ CORP. Comparative Income Statement For the Years Ended December 31 2017 2016 Net sales Cost of goods sold $637,500 454,100 183,400 74,500 Gross Profit $555,200 418,600 136,600 48,700 $ 87,900 Operating expenses Net income $ 108,900 Prepare a horizontal analysis of the income statement data for Martinez Corp., using 2016 as a (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) MARTINEZ CORP. Comparative Income Statement Increase or (Decrease) During 2017 2017 2016 Amount Percentage Net sales $637,500 $555,200 % $ Cost of goods sold 454,100 418,600 % Gross Profit 183,400 136,600 % Operating expenses 74,500 48,700 % Net income $ 108,900 $ 87,900 $ %