Question: For 2012, McFadden Inc. reported its most significant increase in net income in years. At the end of the year, John Mayer, the president, is

For 2012, McFadden Inc. reported its most significant increase in net income in years. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement:

For 2012, McFadden Inc. reported its most significant increase in net

1. Prepare a comparative income statement with horizontal analysis for the two-year period using 2011 as the base year.

2. Comment extensively on the significant relationships revealed by the horizontal analysis period.

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