Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) 2022 2021 Amount % Net sales $ 18,900,000 $ 15,600,000 $ 3,300,000 2.1 Cost of goods sold 13,154,400 7,066,800 6,087,600 86.1 Gross profit 5,745,600 8,533,200 (2,787,600) (32.6) 408,600 Operating expenses Depreciation expense 1,625,400 1,216,800 33.5 1,020,600 1,020,600 Inventory write-down 226,800 226,800 0.0 Loss (litigation) 1,530,900 312,000 1,218,900 39.0 Income before tax 1,341,900 5,983,800 4,641,900 0.7 Income tax expense 472,500 2,028,000 1,555,500 0.7 Net income $ 869,400 $ 3,955,800 $ 3,086,400 0.7

Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) 2022 2021 Amount % Net sales $ 18,900,000 $ 15,600,000 $ 3,300,000 2.1 Cost of goods sold 13,154,400 7,066,800 6,087,600 86.1 Gross profit 5,745,600 8,533,200 (2,787,600) (32.6) 408,600 Operating expenses Depreciation expense 1,625,400 1,216,800 33.5 1,020,600 1,020,600 Inventory write-down 226,800 226,800 0.0 Loss (litigation) 1,530,900 312,000 1,218,900 39.0 Income before tax 1,341,900 5,983,800 4,641,900 0.7 Income tax expense 472,500 2,028,000 1,555,500 0.7 Net income $ 869,400 $ 3,955,800 $ 3,086,400 0.7

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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