Prepare a horizontal analysis of the comparative income statements of Sonic Electronics. Round percentage changes to the nearest one-tenth percent (three decimal places).

Principles of Financial Accounting Week 8 Exercises October 15, 2017 through October 21, 2017 Exercise 1 Horizontal Analysis Income Statement Prepare a horizontal analysis of the comparative income statements of Sonic Electronics. Round percentage changes to the nearest one-tenth percent (three decimal places) Sonic Electronics Income Statement Year ended December 31, 2016 and 2015 2016 2015 Total Revenue $971,000 $868,000 Expenses: Cost of goods sold Selling and general expenses Interest expense Income tax expense Total expenses $437,000 $408,750 287,000 265,000 23,500 13,500 84,650 853,000 771,900 $118,000 $ 96,100 105,500 Net Income