Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, are provided below. Required: 1. Complete the Amount and %

image text in transcribed

The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, are provided below. Required: 1. Complete the "Amount" and "%" columns to be used in a horizontal analysis of Galaxy Tennis income statement. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) GALAXY TENNIS Income Statements For the Years Ended December 31 Increase (Decrease) 2021 2020 Amount % Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) $ 6,090,000 $ 2,830,000 3,260,000 1,500,000 1,760,000 58,000 1,818,000 6,210,000 2,910,000 3,300,000 1,382,000 1,918,000 81,000 1,999,000 433,000 1,566,000 Income before tax Income tax expense 386,000 1,432,000 $ Net income $

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_2

Step: 3

blur-text-image_3

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

Fundamental Accounting Principles Volume 2

Authors: Kermit Larson, Heidi Dieckmann

15th Canadian Edition

1259087360, 9781259087363

More Books

Students also viewed these Accounting questions