Perform a horizontal analysis of ABC Inc.'s income statement for the past three years. The income statement
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Question:
Perform a horizontal analysis of ABC Inc.'s income statement for the past three years. The income statement data is as follows:
Year Revenue Expenses Net Income 20X1 $500,000 $400,000 $100,000 20X2 $600,000 $450,000 $150,000 20X3 $700,000 $500,000 $200,000 Calculate the percentage change for each line item from 20X1 to 20X2, and from 20X2 to 20X3.
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