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= Homework: Chapter 14 Homework Question 2, E14-15A (si... Part 1 of 2 > HW Score: 10%, 2 of 20 points O Points: 0 of 2 0 @ Save Prepare a horizontal analysis of the following comparative income statement of The McCormick Group. E (Click the icon to view the comparative Income statement.) Why did net income increase by a higher percentage than net sales revenue during 2020? Data table IR- Show McCormick's horizontal analysis of net sales and expenses. (Round the percentages to the nearest hundredth percent.) A B 1 The McCormick Group 2 Income Statement 3 3 For the Years Ended December 31, 2020 and 2019 4 5 The McCormick Group Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2020 and 2019 (amounts in thousands) Increase / (Decrease) 2020 2019 Amount Percent Sales revenues $ 482,580 S 420,000 625801 14.9 % 227,220 210,000 17220 8.2 Less: Cost of goods sold %. Gross profit $ 255,360 S 210,000 45360 95,130 90,000 5130 Less: Operating expenses 5.7 $ Operating Income 120,000 160,230 $ % 402301 6,410 Less: Interest expense 6,250 160 25.6 Income before income taxes 153,820 $ 113,750 40070 35.23% Less: Income tax expense 14,275 8.750 5525 63.14 %. 139,545 S 105,000 34545 Net income (amounts in thousands) 2020 2019 $ 482,500S 420,000 227 220 210,000 21.6% $ 255,360 S 95,130 210,000 90,000 33.53% 6 Sales revenues 7 Less: Cost of goods sold 8 Gross profit 9 Less: Operating expenses 10 Operating income 11 Less: Interest expense 12 Income before income taxes 13 Less: Income tax expense : 14 Net Income $ 160 230S 120,000 6,250 $ 6,410 153,620 S 14 275 113.750 32.9% 8,750 105,000 $ 139.545 S Print Done Help me solve this Video Get more help neck