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.)

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 Years Ended December 31
			Change in
	Current	Previous	Dollars	Percentage
Net Sales	$115,000	$82,500			%
Cost of Goods Sold	65,500	48,750
Gross Profit	49,500	33,750
Selling, General, and Administrative Expenses	6,000	3,000
Income from Operations	43,500	30,750
Interest Expense	3,750	5,250
Income before Income Tax	39,750	25,500
Income Tax Expense	11,925	7,650
Net Income	$27,825	$17,850			%