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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
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 | $ | 806,559 | $ | 747,270 | |||
Cost of goods sold | 403,589 | 373,505 | |||||
Gross profit | 402,970 | 373,765 | |||||
Operating and other expenses | 141,050 | 129,500 | |||||
Interest expense | 7,750 | 18,000 | |||||
Income tax expense | 48,200 | 46,700 | |||||
Net income | $ | 205,970 | $ | 179,565 | |||
Prepare a horizontal analysis of the income statement above. (Enter your answers to the nearest whole percent (i.e., enter 0.12 as 12.))
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