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The comparative income statements of Monroe Music Co. follow: (Click the icon to view the comparative income statements.) Requirement Prepare a horizontal analysis of
The comparative income statements of Monroe Music Co. follow: (Click the icon to view the comparative income statements.) Requirement Prepare a horizontal analysis of the comparative income statements of Monroe Music Co. Round 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 input fields.) Total revenue Expenses: Monroe Music Co. Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2021 and 2020 Increase (Decrease) 2021 2020 Amount Percentage $ 844,000 $ 934,000 % Cost of goods sold 404,000 400,000 % Selling and general expenses 234,000 270,000 % Interest expense 9,300 12,000 % 84,000 86,000 Income tax expense % 731,300 768,000 Total expenses % $ 112,700 $ 166,000 Net income %
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