Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicate by a minus sign. Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Net Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income Current Previous $ 106,000 $ 78,000 61,000 46,500 45,000 31,500 7,800 3,900 37,200 27,600 3,300 4,350 23,250 6,975 16,275 33,900 10,170 $ 23,730 $ Change in Dollars Percentage % % % % % % % % %

Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indica by a minus sign. Round percentage values to 1 decimal place.)