Horizontal Analysis of Income Statement For 2012, McDade Company reported a decline in net income. At...

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Horizontal Analysis of Income Statement For 2012, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax 20Y2 20Y1 $549,446 $484,000 396,800 310,000 $152,646 $174,000 $55,350 $41,000 32,550 26,000 $87,900 $67,000 $64,746 $107,000 2,458 2,000 $67,204 18,800 $109,000 32,700 $48,404 $76,300 Income tax expense Net income Required: 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place. Use the minus sign to indicate a decrease in the "Increase (Decrease)" columns. Horizontal Analysis of Income Statement For 2012, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax 20Y2 20Y1 $549,446 $484,000 396,800 310,000 $152,646 $174,000 $55,350 $41,000 32,550 26,000 $87,900 $67,000 $64,746 $107,000 2,458 2,000 $67,204 18,800 $109,000 32,700 $48,404 $76,300 Income tax expense Net income Required: 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place. Use the minus sign to indicate a decrease in the "Increase (Decrease)" columns.