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Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round percentage values to 1
Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Year Ended December 31 Current Previous Change in Dollars Percentage 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 $ 112,000 $ 81,000 64,000 48,000 48,000 33,000 6,600 3,300 41,400 29,700 3,600 4.950 37 800 24.750 11 340 7.425 $ 26,460 $ 17,325 % %
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