Question 8 The comparative condensed income statements of Emley Corporation are shown below. EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2017 2016 Net sales $660,600 $606,000 Cost of goods 497,830 sold 424,200 Gross profit 172.770 181,800 Operating 126,050 121,200 expenses Net income $ 46,720 $ 60,600 (a) Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%6). Round percentages to 1 decimal place, e.g. 12.3%.) EMLEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2017 Amount Percentage 2017 2016 EMLEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2017 2017 2016 Amount Percentage Net sales $660,600 $606,000 s 96 Cost of goods sold 487,830 424,200 996 Gross profit 172,770 181,800 % Operating expenses 126,050 121,200 96 Net income $46,720 $60,600 96 (b) Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both years. (Round percentages to 1 decimal place, e.g. 12.3%.) EMLEY CORPORATION Condensed Income Statements 2017 2016 Amount Percent Amount Percent licy 2000-2021 John Wiley & Sons, Inc. All Riahts Reserved. A Division of John Wiley & Sons, Inc. Net income $46,720 $60,600 (b) Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both years. (Round percentages to 1 decimal place, e.g. 12.3%.) EMLEY CORPORATION Condensed Income Statements 2017 2016 Amount Percent Amount Percent Net sales $660.600 $606,000 96 Cost of goods sold 487,830 424,200 04- % Gross profit 172,770 181,800 0 % Operating expenses 126,050 121,200 94 96 Net income $ 46,720 $ 60,600 % % Question Attempts: 0 of 1 used