Performing horizontal analysis—income statementData for Mulberry Designs, Inc. follow:RequirementsPrepare a horizontal analysis of the comparative income statement of Mulberry Designs, Inc. Round percentage changes to one decimal place.Why did 2018 net income increase by a higher percentage than net sales revenue? MULBERRY DESIGNS, INC.Comparative Income StatementYears Ended December 31, 2018 and 201720182017Net Sales Revenue$ 431,000$ 372,350Expenses:Cost of Goods Sold203,850186,000Selling and Administrative Expenses99,00093,250Other Expenses9,0004,650Total Expenses311,850283,900Net Income$ 119,150$ 88,450

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MULBERRY DESIGNS, INC. Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Net Sales Revenue $ 431,000 $ 372,350 Expenses: Cost of Goods Sold 203,850 186,000 Selling and Administrative Expenses 99,000 93,250 Other Expenses 9,000 4,650 Total Expenses 311,850 283,900 Net Income $ 119,150 $ 88,450

MULBERRY DESIGNS, INC. Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Net Sales Revenue $ 431,000 $ 372,350 Expenses: Cost of Goods Sold 203,850 186,000 Selling and Administrative Expenses 99,000 93,250 Other Expenses 9,000 4,650 Total Expenses 311,850 283,900 Net Income $ 119,150 $ 88,450

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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