Exercise 13-1A (Algo) Horizontal analysis LO 13-1 Munoz Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Munoz Corporation's Income statement components between the two years. Note: Negative amounts should be indicated by a minus sign. Round your answers to 1 decimal place. (I.e., 0.234 should be entered as 23.4). MUNOZ CORPORATION Income Statements Year 3 Year 2 Percentage Change Sales $ 1,298,000 $1,001,500 % Cost of goods sold 798,270 600,900 Gross margin 499,730 400,600 Operating expenses 304,000 197,000 Income before taxes 195,730 203,600 Income taxes 61,800 52,100 Net income (loss) $ 133,930 S 151,500 %
Exercise 13-1A (Algo) Horizontal analysis LO 13-1 Munoz Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Munoz Corporation's Income statement components between the two years. Note: Negative amounts should be indicated by a minus sign. Round your answers to 1 decimal place. (I.e., 0.234 should be entered as 23.4). MUNOZ CORPORATION Income Statements Year 3 Year 2 Percentage Change Sales $ 1,298,000 $1,001,500 % Cost of goods sold 798,270 600,900 Gross margin 499,730 400,600 Operating expenses 304,000 197,000 Income before taxes 195,730 203,600 Income taxes 61,800 52,100 Net income (loss) $ 133,930 S 151,500 %
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter24: Analysis Of Financial Statements
Section: Chapter Questions
Problem 8SPA
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