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Horizontal Analysis of Income Statement The following data (in millions) were taken from the financial statements of Costco Wholesale Corporation: Recent Year Prior Year Revenue

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Horizontal Analysis of Income Statement The following data (in millions) were taken from the financial statements of Costco Wholesale Corporation: Recent Year Prior Year Revenue $992,258 $907,000 Operating expenses 942,866 870,000 Operating income $49,392 $37,000 a. For Costco, determine the amount of change in millions and the percent of change from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income (For those boxes in which you must enter negative numbers use a minus sign. Round percentage answers to one decimal place.) Amount of Change Percent of Change Increase or Decrease (in millions) (round to 1 decimal place) 1. Revenue % 96 2. Operating expenses 3. Operating income 90 b. During the recent year The operating results of Target Corporation for the recent year are provided below

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