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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:

    ItemYear 1Year 2Year 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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