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eht of comprehensive income. roblems: Series A PR 14-1A Horizontal analysis of income statement Obj....

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eht of comprehensive income. roblems: Series A PR 14-1A Horizontal analysis of income statement Obj. 2 12% increase For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 EXCEL TEMPLATIE 20Y2 20Y1 Sales $16,800,000 $15 GENERAL LEDGER 11,500,000 10,000,000 $1,770,000 $ 1,500,000 1,220,000 1,000,000 225,000 $ 2,556,950 2,725,000 1.413,000 1,500,000 1,153,950 1,225,000 256,950 Income before income tax Income tax expense Net income Instructions t with horizontal analysis for the two-year period, 1. Prepare a comparative income statemen using 20Y1 as the base year. (Round percentages to one decimal place.) 2To the extent the data permit, comment on the significant relationships revealed by the horizontal analysis prepared in (1). Obj. 2 nD 10 3 Vertical analysis of income statement

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