M&M Manufacturing has provided the following comparative income statements:

		2012		2013		2014
Net sales		$119,510		$125,160		$139,100
Cost of goods sold		66,340		63,220		69,490
Gross margin		53,170		61,940		69,610
Selling and administrative expenses		25,980		26,690		38,400
Depreciation		4,120		5,710		8,770
Operating profit		23,070		29,540		22,440
Income taxes		7,690		7,385		5,610
Net income		$15,380		$22,155		$16,830

Prepare a horizontal analysis of M&Ms 2014 income statement. (Round percentage answers to 2 decimal places, e.g. 1.64%. If amount and percentage are a decrease enter the numbers using either a negative sign preceding the number e.g. -4,527 or -1.64% or parentheses e.g. (4,527) or (1.64%).)

Answer:-

M&M Manufacturing
Horizontal Analysis
Particulars	2014	2013	Change	Change
	$	$	$	%
Net sales
Cost of goods sold
Gross margin
Selling & administrative expenses
Depreciation
Opreating profit
Income taxes
Net income