Calculations for Horizontal Analyses
Using the following income statements, perform the calculations needed for horizontal analyses. Round percentages to one decimal place.
LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 | ||
| 2010 | 2009 |
Net Sales | $100,000 | $75,000 |
Cost of Goods Sold | 58,000 | 45,000 |
Gross Profit | 42,000 | 30,000 |
Selling, General, and Administrative Expenses | 9,000 | 4,500 |
Income from Operations | 33,000 | 25,500 |
Interest Expense | 3,000 | 3,750 |
Income before Income Tax | 30,000 | 21,750 |
Income Tax Expense | 9,000 | 6,525 |
Net Income | $ 21,000 | $15,225 |
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