For 20Y3, Greyhound Technology Company reported its most significant decline in net income in years. At the
Question:
For 20Y3, Greyhound Technology Company reported its most significant decline in net income in years. At the end of the year, Duane Vogel, the president, is presented with the following condensed comparative income statement:
Instructions
1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y2 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).
Transcribed Image Text:
GREYHOUND TECHNOLOGY COMPANY Comparative Income Statement For the Years Ended December 31,20Y3 and 20Y2 20Y3 20Y2 Sales Sales returns and allowances Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other income Income before income tax Income tax expense Net income $880,000 18,000 $862,000 650,000 $212,000 44,000 27,000 71,000 141,000 800,000 15,000 $785,000 500,000 285,000 40,000 25,000 65,000 220,000 300 143,300 13,000 $130,300 222,000 20,000 202,000
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