Question: Horizontal Analysis for Income Statement place. 2. Based on the horizontal analysis prepared in 1 which of the following statements is correct? a. Net income

Horizontal Analysis for Income Statement place. 2. Based on the horizontal

analysis prepared in 1 which of the following statements is correct? a.

Horizontal Analysis for Income Statement place. 2. Based on the horizontal analysis prepared in 1 which of the following statements is correct? a. Net income declined from 20Y2 to 20Y3. b. Sales increased, but the cost of goods also increased causing gross profit to decline. c. Other revenues decreased slightly and income tax expense increased. d. Over all there is decline in net income

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