Income statements for Solomon Company for 2018 and 2019 follow: SOLOMON COMPANY Income Statements 2019 2018 Sales $ 200,600 $ 180,600 Cost of goods sold 143,900 121,900 Selling expenses 21,500 19,500 Administrative expenses 12,300 14,300 Interest expense 3,800 5,800 Total expenses $ 181,500 $ 161,500 Income before taxes 19,100 19,100 Income taxes expense 6,200 3,100 Net income $ 12,900 $ 16,000 Required Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.
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Income statements for Solomon Company for 2018 and 2019 follow: SOLOMON COMPANY Income Statements 20...
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