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Income statement data for Winthrop Company for two recent years ended December 31 are as...

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Accounting

Income statement data for Winthrop Company for two recent years ended December 31 are as follows:

1

Current Year

Previous Year

2

Sales

$1,993,600.00

$1,780,000.00

3

Cost of goods sold

1,674,090.00

1,521,900.00

4

Gross profit

$319,510.00

$258,100.00

5

Selling expenses

$73,450.00

$65,000.00

6

Administrative expenses

48,840.00

44,000.00

7

Total operating expenses

$122,290.00

$109,000.00

8

Income before income tax

$197,220.00

$149,100.00

9

Income tax expense

13,884.00

8,900.00

10

Net income

$183,336.00

$140,200.00
A. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. Round percentages to one decimal place.
B. What conclusions can be drawn from the horizontal analysis? Round the answers to one decimal place.

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