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Lewis Company has the following condensed income statement Year 1 Year 2 Sales $178.400 $162.500 Wages expense $100,000 $ 92,500 Rent expense 33,000 30,000 Utilities

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Lewis Company has the following condensed income statement Year 1 Year 2 Sales $178.400 $162.500 Wages expense $100,000 $ 92,500 Rent expense 33,000 30,000 Utilities expense 30.000 25.000 Total operating expenses $163.000 $147.500 Net income $ 15.400 $ 15.000 Required Prepare a horizontal analysis of Lewis Company's income statements Comment on the changes as favorable or unfavorable

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