McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $7,392,000.00 $6,600,000.00 3 Cost of goods sold 2,728,000.00 2,200,000.00 4 Gross profit $4,664,000.00 $4,400,000.00 5 Selling expenses $1,257,300.00 $990,000.00 6 Administrative expenses 742,950.00 585,000.00 7 Total operating expenses $2,000,250.00 $1,575,000.00 8 Income from operations $2,663,750,00 $2,825,000.00 9 Other income 143,000.00 130,000.00 10 Income before income tax $2,806,750.00 $2,955,000.00 11 Income tax expense 70,200.00 60,000.00 12 Net income $2.736,550.00 $2,895,000.00 Propare a comparative some stuformavat with horizontal analysis for the two-year period, using 2071 as the baso you. so the mainus sign to indicato an amount or porcent decreaso. I required round percentages to one del place McDade Company Comparative Income Statement For the Years Ended December 31, 2072 and 2009 Increase (Decrease) ) Amount Increase (Decrease Percent 2011 $ Sales 2012 57,392,000.00 2,728,000.00 Cost of goods sold 56,600,000.00 2,200,000.00 $4,400,000.00 Gross profit 54,664,000.00 $1,257,300.00 742,950.00 $2.000,250.00 $990,000.00 585,000.00 $1.575,000.00 Selling experts 1 Administrative expenses Total operating expenses Income from operations 1 Other income 11 Income before income tax 12 Income tax expense 52,663,750.00 $2,825,000.00 143,000.00 150,000.00 52,955,000.00 $7,806,750.00 70,20000 60,000.00 1 Net Income $2,756,550.00 52,895,000.00 For 2012, TH-Comic Company Inflatod a sales promotion campaign that included the expendhure of an additional $50,000 for advertising. At the end of the year, Lumi Noer, the president, is presented with the following condensed comparative Income statement: The Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 2012 1 2011 Sales $920,000.00 $640,000.00 340,400.00 249,600.00 Cost of goods sold * Gross profit $390,400.00 Selling expenses $579,500.00 $184.000.00 64,400.00 $115.200.00 57.600.00 Administrative expenses Total operating expenses Income from operations Other income $248,400.00 5331,200.00 92,000.00 5423,200.00 239,200.00 $184,000.00 $172.000.00 5217.600.00 64,000.00 $281.600.00 Income before income tax 11 Income tax expense 166.400.00 Net income $115,200.00 Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 2092 2012 201 2011 Amount Percent Amount Percent $640,000.00 Sales Cost of goods sold s Gross profit Selling expenses $920,000.00 340,400.00 $579,600.00 $184,000.00 64,400.00 $248,400.00 249,600.00 $390,400.00 $115,200.00 57,600.00 $172,800.00 $217,600.00 $331,200.00 92,000.00 64,000.00 7 Administrative expenses * Total operating expenses Income from operations 10 Other income 11 Income before income tax 12 Income tax expense 13 Net income $423,200.00 $281,600.00 239,200.00 166,400.00 $184,000.00 $115,200.00
