The income statements for Anything Tennis for the years ending December 31, 2018 and 2017, are provided below. Required:
Complete the "Amount" and "%" columns to be used in a horizontal analysis of the income statements for Anything Tennis.
(Increase (Decrease)
2018 2017 Amount %
Net sales $3,525,000 2,640,000
Cost of goods sold 2,160,000 1,385,000
Gross profit 1,365,000 1,255,000
Operating expenses 815,000 634,000
Operating income 550,000 621,000
Other income (expense) 10,200 6,100
Income before tax 560,200 627,100
Income tax expense 100,500 141,000
Net income $459,700 $486,100