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Income statement data for Cascade Images Inc. for the years ended December 31, 20Y5 and 20Y4, are as follows: 20Y5 20Y4 Sales $743,400 $590,000 Cost
Income statement data for Cascade Images Inc. for the years ended December 31, 20Y5 and 20Y4, are as follows:
20Y5 | 20Y4 | |||
Sales | $743,400 | $590,000 | ||
Cost of goods sold | (645,000) | (500,000) | ||
Gross profit | $98,400 | $90,000 | ||
Selling expenses | $(29,000) | $(25,000) | ||
Administrative expenses | (26,040) | (21,000) | ||
Total operating expenses | $(55,040) | $(46,000) | ||
Income before income tax | $43,360 | $44,000 | ||
Income tax expenses | (17,300) | (17,600) | ||
Net income | $26,060 | $26,400 |
Question Content Area
a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for 20Y5 when compared with 20Y4. Round percentage answers to one decimal place.
20Y5 Amount | 20Y4 Amount | Incr (Decr) Amount | Incr (Decr) Percent | |
Sales | $743,400 | $590,000 | $fill in the blank ca4f6c00cfb603a_1 | fill in the blank ca4f6c00cfb603a_2% |
Cost of goods sold | (645,000) | (500,000) | fill in the blank ca4f6c00cfb603a_3 | fill in the blank ca4f6c00cfb603a_4% |
Gross profit | $98,400 | $90,000 | $fill in the blank ca4f6c00cfb603a_5 | fill in the blank ca4f6c00cfb603a_6% |
Selling expenses | $(29,000) | $(25,000) | $fill in the blank ca4f6c00cfb603a_7 | fill in the blank ca4f6c00cfb603a_8% |
Administrative expenses | (26,040) | (21,000) | fill in the blank ca4f6c00cfb603a_9 | fill in the blank ca4f6c00cfb603a_10% |
Total operating expenses | $(55,040) | $(46,000) | $fill in the blank ca4f6c00cfb603a_11 | fill in the blank ca4f6c00cfb603a_12% |
Income before income tax | $43,360 | $44,000 | $fill in the blank ca4f6c00cfb603a_13 | fill in the blank ca4f6c00cfb603a_14% |
Income tax expense | (17,300) | (17,600) | fill in the blank ca4f6c00cfb603a_15 | fill in the blank ca4f6c00cfb603a_16% |
Net income | $26,060 | $26,400 | $fill in the blank ca4f6c00cfb603a_17 | fill in the blank ca4f6c00cfb603a_18% |
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