For 2008, Phoenix Technology Company reported its most significa

For 2008, Phoenix Technology Company reported its most significant decline in net income in years. At the end of the year, Hai Chow, the president, is presented with the following condensed comparative income statement:


For 2008, Phoenix Technology Company reported its most significa


Instructions
1. Prepare a comparative income statement with horizontal analysis for the two-year period using 2007 as the base year. Round to one decimal place.
2. To the extent the data permit, comment on the significant relationships revealed by the horizontal analysis prepared in(1).

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