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Required: 1. Complete the Amount and % columns to be used in a horizontal analysis of the income statements for Anything Tennis. (Decreases should be
Required: 1. Complete the "Amount" and "%" columns to be used in a horizontal analysis of the income statements for Anything Tennis. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) ANYTHING TENNIS Income Statements For the Years Ended December 31 Increase (Decrease) 2021 2020 Amount % Net sales $ 3,725,000 $ 2,800,000 Cost of goods sold 2,240,000 1,425,000 Gross profit 1,485,000 1,375,000 Operating expenses 855,000 666,000 Operating income 630,000 709,000 Other income (expense) 11,800 6,900 Income before tax 641,800 715.900 Income tax expense 104,500 149,000 Net income $ 537,300 $ 566,900
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