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The comparative condensed income statements of Indra Corporation are shown below.
INDRA CORPORATION Comparative Condensed Income Statements For the Years Ended December 31
2013
2012
(a) Prepare a horizontal analysis of the income statement data for Indra Corporation using 2012 as a base. (Show the amounts of increase or decrease.) (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.3%.)
INDRA CORPORATION Condensed Income Statements For the Years Ended December 31
Increase or (Decrease) During 2013
Amount
Percentage
Net sales
$602,520
$503,500
$
%
Cost of goods sold
480,790
419,460
Gross profit
121,730
84,040
Operating expenses
58,240
46,820
Net income
$63,490
$37,220
(b) Prepare a vertical analysis of the income statement data for Indra Corporation in columnar form for both years. (Round percentages to 1 decimal place, e.g. 12.3%.)
Percent
$ 63,490
$ 37,220
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