The comparative condensed income statements of Emley Corporation are shown below

Question

The comparative condensed income statements of Emley Corporation are shown below. EMLEY CORPORATION For the Years Ended December 31 2016 $721,000 579,600504,000 212,400 217,000 144,000 73,000 2017 Net sales $792,000 Cost of goods sold Gross profit Operating expenses Net income 150,000 ep62400,000 Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base. (Enter negative amounts and percentages using either a negative sign preceding the number e.g.-45,-45% or parentheses e.g.(45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.) EMLEY CORPORATION Increase or (Decrene) During 2017 2017 2016 Amount Percentage

Explanation / Answer

Horizontal 2017 2016 amount percentage Net sales 792,000 721,000 71,000 9.8% cost of goods sold 579,600 504,000 75,600 15.0% Gross profit 212,400 217,000 -4,600 -2.1% operating expense 150,000 144,000 6,000 4.2% net income 62,400 73,000 -10,600 -14.5% Vertical 2017 percent 2016 percent Net sales 792,000 100.0% 721,000 100.0% cost of goods sold 579,600 73.2% 504,000 69.9% Gross profit 212,400 26.8% 217,000 30.1% operating expense 150,000 18.9% 144,000 20.0% net income 62,400 7.9% 73,000 10.1%

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