M13-1 using the following income statements, perform the
Using the following income statements, perform the calculations needed for horizontal analyses. Round percentages to one decimal place.
LOCKEY FENCING CORPORATION
For the year ended December 31
Net Sales $100,000.00 $75,000.00
Cost of Goods Sold $58,000.00 $45,000.00
Gross Profit $42,000.00 $30,000.00
Selling, General, and Administrative Expenses $9,000.00 $4,500.00
Income from Operations$33,000.00 $25,500.00
Interest Expense $3,000.00 $3,750.00
Income before Income Tax $30,000.00 $21,750.00
Income Tax Expense $9,000.00 $6,525.00
Net Income $21,000.00 $15,225.00
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