Prepare a horizontal analysis of the following comparative income statement of The Slate Group. Why did net
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Prepare a horizontal analysis of the following comparative income statement of The Slate Group.
Why did net income increase by a higher percentage than net sales revenue during 2023?
Transcribed Image Text:
1 2 3 The Slate Group Income Statement For the Years Ended December 31, 2023 and 2022 4 (amounts in thousands) 5 2023 2022 6 Sales revenues 460,000 $ 400,000 7 Less: Cost of goods sold 216,200 200,000 8 Gross profit 243,800 $ 200,000 9 Less: Operating expenses 105,800 100,000 10 Operating income $ 138,000 $ 100,000 11 Less: Interest expense 9,000 6,000 12 Income before income taxes $ 129,000 $ 94,000 13 Less: Income tax expense 18,600 14,000 14 Net income 15 S 110,400 $ 80,000
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