M13-1 (Static) Calculations for Horizontal Analyses [LO 13-2) Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Current Previous Change in Dollars Percentage % Net Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income $ 100,000 $ 75,000 58,000 45.000 42,000 30,000 9,000 4,500 33,000 25,500 3,000 3,750 30.000 21.750 9,000 6,525 $ 21,000 $ 15.225 % % %