The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020,...
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The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, are provided below. Required: 1. Complete the "Amount" and "%" columns to be used in a horizontal analysis of Galaxy Tennis income statement. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) GALAXY TENNIS Income Statements For the Years Ended December 31 Increase (Decrease) Amount Not sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expenso Not income 2021 2020 $ 6,375,000 $6,430,000 2.940,000 2,905,000 3,435,000 3,465,000 1,555,000 1.426.000 1,880,000 2,039,000 69,000 103,000 1,949,000 2,142,000 400,000 444,000 $ 1,541,000 $ 1.698,000
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