The income statements for Anything Tennis for the years ending December 31, 2015 and 2014 are provided below.

Required:
1. Complete the €œAmount€ and €œ%€ columns to be used in a horizontal analysis of the income statements for Anything Tennis.
2. Discuss the major fluctuations in income statement items during the year.

Transcribed Image Text:

ANYTHING TENNIS Income Statements For the years ended December 31 Increase (Decrease) Amount Net sales Cost of goods sold Operating expenses Other income (expense) 2,150,000 1,380,000 Income before tax Income tax expense Net income $ 450,000 476,000