Question: I need help with preparing a comparative incoem statement with horizontal analysis for the 2-yr oeriod using 20y1 as the base year 1. Prepare a

I need help with preparing a comparative incoem statement with horizontal analysis for the 2-yr oeriod using 20y1 as the base year

I need help with preparing a comparative incoemI need help with preparing a comparative incoem
1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Use the minus sign to indicate a decrease in the "Increase/(Decrease)" columns. If required, round percentages to one decimal place. Macklin Inc. Comparative Income Statement For the Years Ended December 31, 2072 and 20V1 Increase/ Increase/ (Decrease) (Decrease) 20Y2 20Y1 Amount Percent Sales $591,344 $494,000 Cost of goods sold (434,000) (310,000) Gross profit $157,344 $184,000 Selling expenses $(63,000) $ (42,000) Administrative expenses (35.360) (26,000) Total operating expenses $(98.360) $ (68,000) Operating income $58,984 $116,000 Other revenue 2,638 2,100 Income before income tax expense $61,622 $118,100 0000 Income tax expense (17,300) Net income $44,322 $82,700 2. Net income has from 20Y1 to 20Y2. Sales have however, the cost of goods sold has " at a faster rate than sales, causing the gross profit toHorizontal Analysis of Income Statement For 20Y2, Macklin Inc. reported a significant decrease in net income. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement: Macklin Inc. Comparative Income Statement For the Years Ended December 31, 2072 and 20Y1 20Y2 20Y1 Sales $591,344 $494,000 Cost of goods sold (434,000) (310,000 Gross profit $157,344 $184,000 Selling expenses $(63,000) $(42,000 Administrative expenses (35,360) (26,000) Total operating expenses $(98,360) $(68,000) Operating income $58,984 $116,000 Other revenue 2,638 2,100 Income before income tax expense $61,622 $118,100 Income tax expense (17,300) (35,400) Net income $44,322 $82,700 Required

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