Question: Prepare a horizontal comparative income statement, Round percentages to two decimal places. Do not enter the percent sign. For example, 60% would be entered as
Prepare a horizontal comparative income statement, Round percentages to two decimal places. Do not enter the percent sign. For example, 60% would be entered as 60 Roma Tile Corporation Comparative Income Statement For the Years Ended December 31, 20-8 and 20 A 20-B Amount 20-A Amount Increase (Decrease) Amount Increase (Decreaso) Percent Net sales $560,000 $720,000 Cost of goods sold 354,000 390,000 Gross profit $306,000 $330,000 Operating expenses 230,000 243,000 Operating income 576,000 $87,000 Other revenues and expenses 7.300) (7.750) Income before income tax $68,700 $29,250 Income tax expense 16,940 18.170 Net income $51,760 $61,000
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