Exercise 9-1A (Algo) Horizontal analysis LO 9-1 Munoz Corporation reported the following operating results for two...

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Exercise 9-1A (Algo) Horizontal analysis LO 9-1 Munoz Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Munoz Corporation's income statement components between the two years. (Negative amounts should be indicated by a minus sign. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4).) MUNOZ CORPORATION Income Statements Year 3 Year 2 Percentage Change Gross margin Sales Cost of goods sold Operating expenses $ 1,295,000 $ 1,002,500 % 796,425 601,500 498,575 401,000 304,000 197,500 Income before taxes 194,575 203,500 Income taxes 61,100 52,100 Net income (loss) $ 133,475 $ 151,400 % + Exercise 9-1A (Algo) Horizontal analysis LO 9-1 Munoz Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Munoz Corporation's income statement components between the two years. (Negative amounts should be indicated by a minus sign. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4).) MUNOZ CORPORATION Income Statements Year 3 Year 2 Percentage Change Gross margin Sales Cost of goods sold Operating expenses $ 1,295,000 $ 1,002,500 % 796,425 601,500 498,575 401,000 304,000 197,500 Income before taxes 194,575 203,500 Income taxes 61,100 52,100 Net income (loss) $ 133,475 $ 151,400 % +