The income statements of Crisp Corp. for the past two years are as follows:

Required
Prepare and interpret a horizontal analysis of Crisp's income statements. Round percentages to one decimal point (i.e., 12.8%).

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Income Statements For the Years Ending December 31 2012 2011 300,000 $250,000 125,000 00,000 $175,000 $150,000 75,000 50,000 100,000 $100,000 15,000 $ 65,000 85,000 25,000 30,000 40,000 55,000 Sales Cost of goods sold Operating expenses Interest expense Income tax expense Gross profit Operating income Income before taxes 35,000 1 Net income