Sales$446,400 $360,000

Cost of goods sold 375,100 310,000

Gross profit$71,300 $50,000

Selling expenses$20,520 $18,000

Administrative expenses18,300 15,000

Total operating expenses$38,820 $33,000

Income before income tax $32,480 $17,000

Income tax expenses13,000 6,800

Net income$19,480 $10,200

Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place.

Winthrop Company
Comparative Income Statement
For the Years Ended December 31
	Current year Amount	Previous year Amount	Increase (Decrease) Amount	Increase (Decrease) Percent
Sales	$446,400	$360,000
Cost of goods sold	375,100	310,000
Gross profit	$71,300	$50,000
Selling expenses	$20,520	$18,000
Administrative expenses	18,300	15,000
Total operating expenses	$38,820	$33,000
Income before income tax	$32,480	$17,000
Income tax expense	13,000	6,800
Net income	$19,480	$10,200