Net income $ 75,000 $ 55,000 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for 20Y5 when compared with 2014. Round percentage answers to one decimal place. If an amount box does not require an entry, enter "0". Cascade Images, Inc. Comparative Income Statement For the Years Ended December 31, 2015 and 2014 Increase (Decrease) Increase (Decrease) 2015 Amount 20Y4 Amount Amount Percent Sales $500,000 $400,000 $100,000 25 % Cost of goods sold (320,000) (250,000) 70,000 28 % Gross profit Selling expenses $180,000 $150,000 $ 30,000 0.2 X % $(35,000) $(30,000) 5,000 2.0 X % Administrative expenses Total operating expenses Income before income tax (25,000) (25,000) 0 0 % Correct $(60,000) $(55,000) 5,000 1.0 X % $120,000 $95,000 $25,000 3.0 X % Income tax expenses Net income (45,000) (40,000) 5,000 1.0 X % $75,000 $55,000 $ 20,000 4.0 X % Foodhark Check My Work t> Previous Next