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Question 2: Complete a horizontal analysis of the income statement below. What does the analysis show? What questions could be asked? Increase (decrease) during 2024
Question 2: Complete a horizontal analysis of the income statement below. What does the analysis show?
What questions could be asked?
| Increase (decrease) during 2024 | ||||
| 2024 | 2023 | Amount Percentage | ||
| Sales Revenues | $815,000 | $800,000 | ||
| Cost of Goods Sold | 450,000 | 460,000 | ||
| Gross Margin | 365,000 | 340,000 | ||
| Rent Expense | 100,000 | 100,000 | ||
| Advertising Expense | 50,000 | 15,000 | ||
| Salary Expense | 200,000 | 215,000 | ||
| Net Income | $15,000 | $10,000 | ||
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Auditing The Procurement Function The Iia Research Foundation Handbook Series
Authors: David O Regan, CIA, FCA
1st Edition
0894136224, 978-0894136221
