Using the following income statements, perform the calculations needed for horizontal analyses. Round percentages to one decimal place.
LOCKEY FENCING CORPORATION
Income Statements
For the year ended December 31
2013 2012
Amounts Amounts
Net Sales $100,000.00 $75,000.00
Cost of Goods Sold $58,000.00 $45,000.00
Gross Profit $42,000.00 $30,000.00
Selling, General, and Administrative Expenses $9,000.00 $4,500.00
Income from Operations$33,000.00 $25,500.00
Interest Expense $3,000.00 $3,750.00
Income before Income Tax $30,000.00 $21,750.00
Income Tax Expense $9,000.00 $6,525.00
Net Income $21,000.00 $15,225.00