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The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, are provided below. Required: 1. Complete the “Amount” and “%” columns to be used in a horizontal analysis of Galaxy Tennis income statement. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.)   GALAXY TENNIS Income Statements For the Years Ended December 31       Increase (Decrease)   2021 2020 Amount % Net sales $6,030,000 $6,170,000     Cost of goods sold 2,810,000 2,900,000     Gross profit 3,220,000 3,270,000     Operating expenses 1,490,000 1,374,000     Operating income 1,730,000 1,896,000     Other income (expense) 56,000 77,000     Income before tax 1,786,000 1,973,000     Income tax expense 382,000 431,000     Net income $1,404,000 $1,542,000

The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, are provided below. Required: 1. Complete the “Amount” and “%” columns to be used in a horizontal analysis of Galaxy Tennis income statement. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.)   GALAXY TENNIS Income Statements For the Years Ended December 31       Increase (Decrease)   2021 2020 Amount % Net sales $6,030,000 $6,170,000     Cost of goods sold 2,810,000 2,900,000     Gross profit 3,220,000 3,270,000     Operating expenses 1,490,000 1,374,000     Operating income 1,730,000 1,896,000     Other income (expense) 56,000 77,000     Income before tax 1,786,000 1,973,000     Income tax expense 382,000 431,000     Net income $1,404,000 $1,542,000

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter3: The Adjusting Process
Section: Chapter Questions
Problem 29E
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The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, are provided below.

Required:
1. Complete the “Amount” and “%” columns to be used in a horizontal analysis of Galaxy Tennis income statement. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.)

 

GALAXY TENNIS
Income Statements
For the Years Ended December 31
      Increase (Decrease)
  2021 2020 Amount %
Net sales $6,030,000 $6,170,000    
Cost of goods sold 2,810,000 2,900,000    
Gross profit 3,220,000 3,270,000    
Operating expenses 1,490,000 1,374,000    
Operating income 1,730,000 1,896,000    
Other income (expense) 56,000 77,000    
Income before tax 1,786,000 1,973,000    
Income tax expense 382,000 431,000    
Net income $1,404,000 $1,542,000    
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