McCormick Corporation reported the following on its comparative income statement

Question

McCormick Corporation reported the following on its comparative income statement: 2016 (in millions) Revenue Cost of sales 2017 $15,834 $5,812 2015 $15,600 $15,000 $5,415 $4,500 Perform a horizontal analysis of revenues and gross profit -both in dollar amounts and in percentages-for 2017 and 2016. (Round your answers to two decimal places. Use a minus sign or parentheses to represent a decrease in amount or percentage.) McCormick Corporation Comparative Income Statement For The Years Ended December 31, 2017 and 2016 Increase/(Decrease) 2017 2016 (amounts in millions) 2016 $15,834$ 15,600 15,000 2017 2015 Change Percentage Change Percentage Revenue Cost of Sales Gross Profit 5,812 5,415 4,500

Explanation / Answer

Horizontal analysis is as prepared below:

McCormick Corporation Comparative Income Statement For the years Ending December 31 2017 and 2016 Increase/(decrease) 2017 2016 2017 2016 2015 Change Percentage Change Percentage Revenue 15,834 15,600 15,000 600 4.00% 834 5.56% Cost of Sales 5,812 5,415 4,500 915 20.33% 1,312 29.16% Gross Profit 10,022 10,185 10,500 -315 -3.00% -478 -4.55%

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