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Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be...

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Accounting

Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.)

Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.)

LOCKEY FENCING CORPORATION
Income Statements
For the Years Ended December 31
Change in
Current Previous Dollars Percentage
Net Sales $115,000 $82,500 %
Cost of Goods Sold 65,500 48,750
Gross Profit 49,500 33,750
Selling, General, and Administrative Expenses 6,000 3,000
Income from Operations 43,500 30,750
Interest Expense 3,750 5,250
Income before Income Tax 39,750 25,500
Income Tax Expense 11,925 7,650
Net Income $27,825 $17,850 %

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