Practice Exercise 01 Under Armour, Inc., included the following income statement in its 2011 Annual Report. All amounts are presented in thousands of dollars 2011 2010 2009 $1,472,684 $1,063,927 $856,411 533,420446,286 530,507 410,125 418,152 324,852 85,273 Net revenues 759,848 712,836 550,069 162,767 Cost of goods sold Gross margin Selling, general and administrative expenses Income from operations Interest expense, net Other expense, net 112,355 2,344 511 82,418 35,633 $96,919 $68,477 46,785 3,841 2,064 156,862 59,943 2,258 1,178 108,919 40,442 Income before income taxes Income tax provision Net income Prepare a horizontal analysis of Under Armour's income statement. (Round percentage answers to 1 decimal place, eg. 10.5%.) 2011 2010 $Change % change Change % Change Net revenues Cost of goods sold Gross margin Selling, general and administrative expenses Income from operations Interest expense, net Other expense, net Income before income taxes Income tax provision Net income Prepare a trend analysis for Net Revenues and Income from Operations. (Round answers to 1 decimal place, e.g. 10.5%.) 2011 2010 2009 Net revenues Income from operations Click if you would like to Show Work for this question: Open Show Work