Question

Can you tell me if this answer is corret?

Print Item Calculator Show Me How еВook Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Previous Year Current Year $480,000 $628,800 Sales 410,000 528,900 Cost of goods sold $70,000 $99,900 Gross profit $25,000 $30,250 Selling expenses 21,000 27,090 Administrative expenses $46,000 $57,340 Total operating expenses $24,000 $42,560 Income before income tax 9,600 17,000 Income tax expenses $14,400 $25,560 Net income

Answer 1

Horizontal Analysis of income statement
	Current Year	Previous Year	Increase (decrease)	Increase (decrease)
Saes	$       6,28,800	$         4,80,000	$                     1,48,800	31.0%
Cost Of Good Sold	$       5,28,900	$         4,10,000	$                     1,18,900	29.0%
Gross Profit	$           99,900	$             70,000	$                        29,900	42.7%
Selling Expenses	$           30,250	$             25,000	$                           5,250	21.0%
Admin Expenses	$           27,090	$             21,000	$                           6,090	29.0%
Total Operating Expenses	$           57,340	$             46,000	$                        11,340	24.7%
Income Before Income Tax	$           42,560	$             24,000	$                        18,560	77.3%
Income Tax Expenses	$           17,000	$               9,600	$                           7,400	77.1%
Net Income	$           25,560	$             14,400	$                        11,160	77.5%
Therefore your answer is Correct