M&M Manufacturing has provided the following comparative income statements: Net sales Cost of goods sold Gross margin Selling and administrative expenses Depreciation Operating pront Income taxes Net income 2012 2013 2014 $115.370 $127.480 $144,840 64.290 72.450 78,010 51,080 55,030 66,830 23,350 20,850 32.690 4270 6,560 7.540 23,460 27.620 26,600 7820 6,905 6,650 $15.640 $20,715 $19.950 Prepare a horizontal analysis of M&M's 2014 income statement. (Round percentage answers to 2 decimal places, eg. 1.64%. If amount and percentage are a decrease enter the numbers using either a negative sign preceding the number e.s. -4,527 or -1.64% or parentheses es. (4,527) or (1.64%)) 2014 2013 $ Change % Change $ % %6 96 Net income $15.640 $20.715 $19.950 Prepare a horizontal analysis of M&M's 2014 income statement. (Round percentage answers to 2 decimal places, eg. 1.64%. If amount and percentage are a decrease enter the numbers using either a negative sign preceding the number eg.-4,527 or -1.64% or parentheses es: (4,527) or (1.64%1) 2014 2013 $ Change % Change $ $ % % % % % $ $ $ Attempts: 0 of 1 used Submit Answer Save for Later