The income statements for Galaxy Tennis for the years ending December 31, 2015 and 2014 are provided
Question:
Required:
1. Complete the Amount and % columns to be used in a horizontal analysis of Galaxy Tennis income statement.
2. Discuss the major fluctuations in income statement items during the year.
Transcribed Image Text:
GALAXY TENNIs Income Statements For the years ended December 31 Increase (Decrease) Amount 2015 2014 Net sales $6,150,000 $6,250,000 2,850,000 2,920,000 3,300,000 3,330,000 1,510,000 1,390,000 1,790,000 1,940,000 85,000 1,850,000 2,025,000 435,000 $1,460,000 $1,590,000 Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax 60,000 390,000 Net income
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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