Cew 2 china wangere engagering mework (Application) O BO SO GO Horizontal Analysis of Income Statement For 2012, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2011 2012 2011 Sales $905, 100 $750,000 Cost of merchandise sold 667,400 470,000 Gross profit $237,700 $280,000 Selling expenses $96,080 $63,000 Administrative expenses 55,120 40,000 Total operating expenses $151,200 $103,000 Income from operations $36,500 $177,000 Other revenue 4,064 3,200 Income before income tax expense $90,564 $190,200 25,400 54,100 Income tax expense $65,164 $126,100 Net income GO LGO e