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Calculate the percentage change using horizontal analysis

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Reference no: EM13538897

Horizontal Analysis. Smith Corporation provides the following comparative income statement:

Smith Corporation

Comparative Income Statement

For the Years Ended December 31, 20X3 and 20X2

20X3

20X2

Sales

$570,000

$680,000

Cost of goods sold

200,000

170,000

Gross profit

$370,000

$510,000

Operating expenses

100,000

210,000

EBIT

$270,000

$300,000

(a) Calculate the percentage change using horizontal analysis and (b) evaluate the results.

Reference no: EM13538897

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