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(Solution Download) The income statement for Galaxy Tennis for the years ending December 31, 2015 and 2014, is provided


 

 

 

 

 

 

 

The income statement for Galaxy Tennis for the years ending

 

December 31, 2015 and 2014, is provided below.

 

 

 

 

 

 

 

 

 

 

 

 

 

Required:

1.

 

Complete the A????1AmountA????1 and A????1%A????1 columns to be used in a horizontal

 

analysis of Galaxy Tennis's income statement. (Decreases

 

should be indicated by a minus sign. Round your percentage answers

 

to 1 decimal place.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20152014Amount%
Net Sales5,940,0006,110,000
Cost of goods sold2,780,0002,885,000
Gross profit3,160,0003,225,000
Operating Expenses1,475,0001,362,000
Operating Income1,685,0001,863,000
Other Income53,00071,000
Income before tax1,738,0001,934,000
Income tax expense376,000428,000
Net Income1,362,0001,506,000

 

 


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