11 Xfx A B C D E 2 Horizontal Analysis Page perform a horizontal analysis on the Income Statement and Balance Sh 23456789 Jane's Wedding Centre Condensed Income Statement For the Periods Ending December 31, Last Year and This Year 10 INCOME STATEMENT 11 Last Year ($) This Year ($) $ Change % Change 12 Sales 5,52,500 7,42,205 13 Cost of Sales 2,27,075 2,59,800 14 Gross Profit 3,25,425 4,82,405 Operating Expenses (Excluding 1,60,225 2,80,275 15 Depreciation) 16 Depreciation 60,000 59,000 17 Operating Income (EBIT) 1,05,200 1,43,130 18 Interest 34,000 15,863 19 Income Before Income Taxes 71,200 1,27,267 20 Income Taxes (40%) 28,480 50,907 21 Net Income 42,720 76,360 22 23 24 25 26 27 28 29 130 32