4. The income statements for Urban Outfits, Inc. are presented below: Urban Outf

Question

4. The income statements for Urban Outfits, Inc. are presented below: Urban Outfits, Inc. Income Statements Year Ended December 31 Current Year Prior Year $703,271 $755,059 341,567 371.280 361,704 383,779 Operating and other expenses118,564 127,937 11,200 6,950 39,500 40,400 Sales revenue Cost of goods sold Gross profit Interest expense Income tax expense Net income $192,440 $208,492 Prepare a horizontal analysis of the income statement above. (Round your answers to the nearest whole percent.) URBAN OUTFITS, INC Income Statements Year Ended December 31 Increase (Decrease Current Prior Year! Amount Percent (%) 703,271 $755,059 41,567371,280 361,704 383,779 Sales Revenue Cost of Goods Sold Gross Profit Operating and Other Expenses Interest Expense Income Tax Expense Net Income 6,950 3950040,400 92,440 208,492 11,200

Explanation / Answer

Current year Prior year Amount % Sales Revenue 703271 755059 -51788 -7% Cost of Goods Sold 341567 371280 -29713 -8% Gross Profit 361704 383779 -22075 -6% Operating and other Expenses 118564 127937 -9373 -7% Interest Expense 11200 6950 4250 61% Income Tax Expense 39500 40400 -900 -2% Net Income 192440 208492 -16052 -8%

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