With the statement of comprehensive income below, conduct a horizontal analysis. YEAR 1YEAR 2Net Sales9,937,65012,937,000Less: Cost of Goods Sold3,387,6504,295,000Gross profit6,550,0008,012,000Less: ExpensesSalaries Expense3,410,0003,938,500Rent Expense960,0001,050,000Insurance Expence250,000310,750Utilities ExpenseMiscellaneous ExpenseAdvertising ExpenseSupplies ExpenseDepreciation Expense- Office Equipment160,000175,50080,00097,800140,000155,000180,000198,000160,000185,000Interest Expense60,00068,500Net Income1,150,0001,832,950

Here in this question, we are required to prepare horizontal analysis. Horizontal analysis is a…

YEAR 1 YEAR 2 Net Sales 9,937,650 12,937,000 Less: Cost of Goods Sold 3,387,650 4,295,000 Gross profit 6,550,000 8,012,000 Less: Expenses Salaries Expense 3,410,000 3,938,500 Rent Expense Insurance Expence Utilities Expense 960,000 1,050,000 250,000 310,750 160,000 175,500 Miscellaneous Expense 80,000 97,800 Advertising Expense Supplies Expense Depreciation Expense- Office Equipment 140,000 155,000 180,000 198,000 160,000 185,000 Interest Expense 60,000 68,500 Net Income 1,150,000 1,832,950

YEAR 1 YEAR 2 Net Sales 9,937,650 12,937,000 Less: Cost of Goods Sold 3,387,650 4,295,000 Gross profit 6,550,000 8,012,000 Less: Expenses Salaries Expense 3,410,000 3,938,500 Rent Expense Insurance Expence Utilities Expense 960,000 1,050,000 250,000 310,750 160,000 175,500 Miscellaneous Expense 80,000 97,800 Advertising Expense Supplies Expense Depreciation Expense- Office Equipment 140,000 155,000 180,000 198,000 160,000 185,000 Interest Expense 60,000 68,500 Net Income 1,150,000 1,832,950

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.4.2MBA: Return on assets The following data (in millions) were adapted from recent financial statements of...

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