Income statement data for Grendel Images Company for the years ended December 31, 2010 and 2009, are
Question:
Income statement data for Grendel Images Company for the years ended December 31, 2010 and 2009, are as follows:
a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for 2010 when compared with 2009. Round to one decimal place.b. What conclusions can be drawn from the horizontalanalysis?
Transcribed Image Text:
2010 2009 Sales $196,000 $160,000 Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses 170,100 140,000 $ 25,900 $ 12,200 9,750 $ 21,950 $ 3,950 2,000 $ 1,950 $ 20,000 $ 10,000 8,000 $ 18,000 $ 2,000 Income before income tax Income tax expense 1,000 $ 1,000 Net income
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a b The net income for Grendel Images Company increased by approximately 95 from 200...View the full answer
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