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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 Sales Revenue $800,059 Cost

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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 Sales Revenue $800,059 Cost of Goods Sold 398,202 Gross Profit 401,857 Operating and Other Expenses 138,791 Interest Expense 7,650 Income Tax Expense 47,000 Net Income $ 208,416 Prior Year $741,413 368,210 373,203 127,624 16,900 45,500 $183,179 Required: Prepare a horizontal analysis of the income statement above. (Round your percentage answers to 2 decimal places. Enter any decreases with a minus sign.) Sales Revenue Cost of Goods Sold Gross Profit Operating and Other Expenses Interest Expense Income Tax Expense Net Income URBAN OUTFITS, INC Income Statements Year Ended December 31 Increase (Decrease) Current Year Prior Year Amount Percent (%) $ 800,059 $ 741,413 398,202 368,210 401,857 373,203 138,791 127,624 7,650 16,900 47,000 45,500 $ 208,416 $ 183,179

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