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The comparative income statements of McCormick Music Co.. follow (Click the icon to view the comparative income statements) Requirement Prepare a honzontal analysis of
The comparative income statements of McCormick Music Co.. follow (Click the icon to view the comparative income statements) Requirement Prepare a honzontal analysis of the comparative income statements of McCormick Music Co. Roundi percentage changes to the nearest one-tenth percent (Use a minus sign or parentheses for decreases Round percentage changes to the nearest one-tenth percent, XX%. Do not enter the % symbols in any of the innut fields) McCormick Music Co. Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2021 and 2020 Increase (Decrease) 2021 2020 $ 852,000 $ 912,000 Amount Percentage (600000) (6.6) Total revenue Expenses: Cost of goods sold 402,000 408,000 (6000) (1.5) %) Selling and general expenses 232,000 265,000 (33000) (12.5) % 9,200 10,500 (1300) (124) % Interest expense 83,000 84,000 (1000) (12) % Income tax expense 726,200 767,500 (41300) (5.4)% Total expenses $ 125,800 $ 144,500 (18700) (12.9) % Net income Get more help - Type here to search Clear all Check answer
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