
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
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