(Answered) The comparative condensed income statements of emley

Accounting

The comparative condensed income statements of Emley Corporation are shown below.

EMLEY CORPORATION
Comparative Condensed Income Statements
For the Years Ended December 31

	2015	2014
Net sales	$599,380	$498,190
Cost of goods sold	485,130	419,890
Gross profit	114,250	78,300
Operating expenses	55,410	45,080
Net income	$58,840	$33,220

Prepare a horizontal analysis of the income statement data for Emley Corporation using 2014 as a base. (Round percentages to 1 decimal place, e.g. 12.3%.)

EMLEY CORPORATION
Condensed Income Statements
For the Years Ended December 31

Increase or (Decrease) During 2015

2015	2014	Amount	Percentage
Net sales	$599,380	$498,190	%
Cost of goods sold	485,130	419,890	%
Gross profit	114,250	78,300	%
Operating expenses	55,410	45,080	%
Net income	$58,840	$33,220	%

Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both years. (Round percentages to 1 decimal place, e.g. 12.3%.)

EMLEY CORPORATION
Condensed Income Statements
For the Years Ended December 31

Increase or (Decrease) During 2015

2015	2014	Amount	Percentage
Net sales	$599,380	$498,190	%
Cost of goods sold	485,130	419,890	%
Gross profit	114,250	78,300	%
Operating expenses	55,410	45,080	%
Net income	$58,840	$33,220	%

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