i Data Table ollow (Click the ion to view tecomparative income statoments) Madig

Question

i Data Table ollow (Click the ion to view tecomparative income statoments) Madigan Music Co. 1. Prepare a horizontal analysis of the comparative income statements of Madigan Music Co. Round percentage Years Ended December 31, 2016 and 2015 2016 2015 S 852.000$ 912,000 Increase (Decrease) 2016 2015 S 852.000 S 912.000 Expenses $ 402.000 $ 408,000 Cost of goods sold Selling and general expenses Interest expense 232.000 263,000 10,500 Cost of goods sold Selling and general expenses nterest expense Income tax expense Total expenses 402,000 408,000 232 000 263,000 9.200 10.500 83,000 84000 726,200 765.500 9.200 83,00084000 65,500 Type here to 8/2/2018 3 5

Explanation / Answer

2016 2015 Amount Percentage Total revenue 852000 912000 -60000 -6.6% Expenses: Cost of goods sold 402000 408000 -6000 -1.5% Selling and general expenses 232000 263000 -31000 -11.8% Interest expense 9200 10500 -1300 -12.4% Income tax expense 83000 84000 -1000 -1.2% Total expenses 726200 765500 -39300 -5.1% Net income 125800 146500 -20700 -14.1%

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