Using the following statement above, use Horizontal Analysis and analyze the data that are given above.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Using the following statement above, use Horizontal Analysis and analyze the data that are given above.

Given below are some details from the financial statement of Village Shipping Inc.
Village Shipping Inc.
Income Statement Horizontal Analysis
For the years ending December 31, 2014
and December 31, 2015
2014
2015
Sales
Cost of goods sold
Gross profit
500,000
269,000
231,000
475,000
265,000
210,000
Wages
Repairs
Rent
Taxes
þffice expenses
Total expenses
Net Income
163,000
4,150
12,000
17,930
587
197,667
33.333
154,000
5,800
13,000
16,940
1,023
190,763
19.237
Transcribed Image Text:Given below are some details from the financial statement of Village Shipping Inc. Village Shipping Inc. Income Statement Horizontal Analysis For the years ending December 31, 2014 and December 31, 2015 2014 2015 Sales Cost of goods sold Gross profit 500,000 269,000 231,000 475,000 265,000 210,000 Wages Repairs Rent Taxes þffice expenses Total expenses Net Income 163,000 4,150 12,000 17,930 587 197,667 33.333 154,000 5,800 13,000 16,940 1,023 190,763 19.237
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