Comparative Income Statement - Erik Corporation
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Here are the comparative income statements of Erik Corporation.
Erik Corporation
Comparative Income Statements
For the years ended December 31
2007 2008
Net Sales $572,000 $520,000
Cost of goods sold 477,000 450,000
Gross Profit 95,000 70,000
Operating Expenses 60,000 45,000
Net Income 35,000 25,000
(see attachment for better formatting of the tables)
A) Prepare a horizontal analysis of the income statement data for Erik Corporation using 2006 as a base (show the amounts of increase or decrease).
B) Prepare a vertical analysis of the income statement data for Erik Corporation for both years.
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Solution Summary
Excel spreadsheet shows how to carry out a horizontal and vertical analysis of an income statement.
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