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PQR Corp's income statement for the past three years is as follows: Item Year 1 Year 2 Year 3 Revenue $500,000 $600,000 $700,000 Cost of
PQR Corp's income statement for the past three years is as follows:
Item Year 1 Year 2 Year 3 Revenue $500,000 $600,000 $700,000 Cost of Goods Sold $300,000 $350,000 $400,000 Gross Profit $200,000 $250,000 $300,000 Operating Expenses $100,000 $120,000 $140,000 Net Income $100,000 $130,000 $160,000 Perform horizontal analysis on the income statement and identify any trends or changes over the three years.
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