Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions