Solution-Prepare a horizontal analysis of the income

The comparative income statements of Accra Pies are shown below.

ACCRA PIES Comparative Income Statements For the Years Ended December 31
	2009	2008
Net sales	$600,000	$500,000
Cost of goods sold	480,000	420,000
Gross profit	120,000	80,000
Operating expenses	57,200	44,000
Net income	$62,800	$36,000

Instructions

(a) Prepare a horizontal analysis of the income statement data for Accra using 2008 as a base. (Show the amounts of increase or decrease.)

(b) Prepare a vertical analysis of the income statement data for Accra in columnar form for both years.

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