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Income statement data for Moreno Company for two recent years ended December 31, are as follows:
Income statement data for Moreno Company for two recent years ended December 31, are as follows:
Current Year Previous Year
Sales 1120000 1000000
Cost of goods sold 971250 875000
Gross profit 148750 125000
Selling expenses 71250 62500
Administrative expenses 56000 50000
Total operating expenses 127250 112500
Income before income tax 21500 12500
Income tax expense 8000 5000
Net income Current 13,500 75000
a. Prepare a comparative income statement with horizontal analysis, indicating the in- crease (decrease) for the current year when compared with the previous year. Round to one decimal place.
a. Prepare a comparative income statement with horizontal analysis, indicating the in- crease (decrease) for the current year when compared with the previous year. Round to one decimal place.
Solution-aMORENO COMPANYComparative Income StatementFor the Years Ended December 31, 20-Current Year Previous Year SalesCost of goods soldGross profitSelling expensesAdministrative expenses...