Solution-Prepare a comparative income statement with

Prepare a comparative income statement with horizontal

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Reference no: EM131019737

Horizontal Analysis of Income Statement

For 2014, Wiglaf Company reported its most significant decline in net income in years. At the end of the year, C.S. Lewis, the president, is presented with the following condensed comparative income statement:

Wiglaf Company Comparative Income Statement For the Years Ended December 31, 2014 and 2013
	2014	2013
Sales	$704,000	$640,000
Sales returns and allowances	39,104	32,000
Net sales	$664,896	$608,000
Cost of goods sold	456,000	380,000
Gross profit	$208,896	$228,000
Selling expenses	$63,750	$51,000
Administrative expenses	37,760	32,000
Total operating expenses	$101,510	$83,000
Income from operations	$107,386	$145,000
Other income	3,177	2,600
Income before income tax	$110,563	$147,600
Income tax expense	31,000	44,300
Net income	$79,563	$103,300

Prepare a comparative income statement with horizontal analysis for the two-year period, using 2013 as the base year. Use the minus sign to indicate a decrease in the "Difference" columns. If required, round to one decimal place.

Reference no: EM131019737

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Prepare a comparative income statement with horizontal : For 2014, Wiglaf Company reported its most significant decline in net income in years. At the end of the year, C.S. Lewis, the president, is presented with the following condensed comparative income statement: Prepare a comparative income statement w..

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Prepare a comparative income statement with horizontal

Reference no: EM131019737

Reference no: EM131019737

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