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The income statements for Galaxy Tennis for the years ending December 31, 2018 and 2017, are provided below. Required: 1. Complete the “Amount” and “%” columns to be used in a horizontal

The income statements for Galaxy Tennis for the years ending December 31, 2018 and 2017, are provided below.

  

Required:

1. Complete the “Amount” and “%” columns to be used in a horizontal analysis of Galaxy Tennis income statement. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.)

 
 
GALAXY TENNIS
Income Statements
For the Years Ended December 31
      Increase (Decrease)
  2018 2017 Amount %
Net sales $6,375,000 $6,430,000    
Cost of goods sold 2,940,000 2,965,000    
Gross profit 3,435,000 3,465,000    
Operating expenses 1,555,000 1,426,000    
Operating income 1,880,000 2,039,000    
Other income (expense) 69,000 103,000    
Income before tax 1,949,000 2,142,000    
Income tax expense 408,000 444,000    
Net income $1,541,000 $1,698,000    

Jul 13 2021 View more View Less

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