The income statements for Urban Outfits, Inc. are presented below

Urban Outfits, Inc. Income Statements Year Ended December 31

Current Year

Prior Year

Sales revenue

$

715,985

$

770,059

Cost of goods sold

350,448

380,254

Gross profit

365,537

389,805

Operating and other expenses

121,584

131,555

Interest expense

13,100

7,100

Income tax expense

41,500

42,600

Net income

$

189,353

$

208,550

Prepare a horizontal analysis of the income statement above. (Round your answers to the nearest whole percent.)

URBAN OUTFITS, INC
Income Statements
Year Ended December 31
			Increase (Decrease)
	Current Year	Prior Year	Amount	Percent (%)
Sales Revenue	$715,985	$770,059
Cost of Goods Sold	350,448	380,254
Gross Profit	365,537	389,805
Operating and Other Expenses	121,584	131,555
Interest Expense	13,100	7,100
Income Tax Expense	41,500	42,600
Net Income	189,353	208,550