Question

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The comparative income statements of O'Neil Music Co. follow:
EEB (Click the icon to view the comparative income statements.)
Requirement
Prepare a horizontal analysis of the comparative income statements of O'Neil Music Co. Round percentage changes to the nearest one-tenth percent. (Use a
minus sign or parentheses for decreases. Round percentage changes to the nearest one-tenth percent, X.X%.)
O'Neil Music Co
Horizontal Analysis of Comparative Income Statements
Years Ended December 31, 2018 and 2017
Data Table
Increase (Decrease)
Amount Percentage
2018
2017
$ 1,077,000 $ 917,000
O'Neil Music Co
Comparative Income Statements
Years Ended December 31, 2018 and 2017
Total revenue
Expenses:
Cost of goods sold
Selling and general expenses
Interest expense
Income tax expense
otal expenses
477,000 408,750
287,000 267,000
13,500
84,650
893,000 773,900
S 184,000 $ 143,100
2018
2017
Total revenue
$ 1,077,000 $917,000
23,500
105,500
Expenses
Cost of goods solo
Selling and general expenses
Interest expense
Income tax expense
otal expenses
477,000 $ 408,750
267,000
13,500
84,650
773,900
$184,000$143,100
287,000
23,500
105,500
893,000
Net income
Net income
Print Done
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Transcribed Image Text:The comparative income statements of O'Neil Music Co. follow: EEB (Click the icon to view the comparative income statements.) Requirement Prepare a horizontal analysis of the comparative income statements of O'Neil Music Co. Round percentage changes to the nearest one-tenth percent. (Use a minus sign or parentheses for decreases. Round percentage changes to the nearest one-tenth percent, X.X%.) O'Neil Music Co Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2018 and 2017 Data Table Increase (Decrease) Amount Percentage 2018 2017 $ 1,077,000 $ 917,000 O'Neil Music Co Comparative Income Statements Years Ended December 31, 2018 and 2017 Total revenue Expenses: Cost of goods sold Selling and general expenses Interest expense Income tax expense otal expenses 477,000 408,750 287,000 267,000 13,500 84,650 893,000 773,900 S 184,000 $ 143,100 2018 2017 Total revenue $ 1,077,000 $917,000 23,500 105,500 Expenses Cost of goods solo Selling and general expenses Interest expense Income tax expense otal expenses 477,000 $ 408,750 267,000 13,500 84,650 773,900 $184,000$143,100 287,000 23,500 105,500 893,000 Net income Net income Print Done
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