Question 1 The comparative condensed income statements of Emley Corporation are

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Question 1 The comparative condensed income statements of Emley Corporation are shown below EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2017 $772,200 565,210 206,990 146,250 2016 $702,000 491,400 210,600 140,400 60,740 70,200 Net sales Cost of goods sold Gross profit Operating expenses Net income Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base. percentages to 1 decimal place, e.g. 12.3%.) EMLEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2017 2017 2016 Amount Percentage $772,200 $702,000 Cost of goods sold 565,210 491,400 206,990 210,600 Operating expenses 146,250 140,400 $60,740 $70,200 Net sales Gross profit Net income

Explanation / Answer

Condensed Income Statements For the Years Ended December 31 2017 2016 Amount Percentage Net sales 772200 702000 70200 10.0% Cost of goods sold 565210 491400 73810 15.0% Gross profit 206990 210600 -3610 -1.7% Operating expenses 146250 140400 5850 4.2% Net income 60740 70200 -9460 -13.5% Condensed Income Statements For the Years Ended December 31 2017 Percent 2016 Percent Net sales 772200 100.0% 702000 100.0% Cost of goods sold 565210 73.2% 491400 70.0% Gross profit 206990 26.8% 210600 30.0% Operating expenses 146250 18.9% 140400 20.0% Net income 60740 7.9% 70200 10.0%

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