Problem - The comparative condensed income statements of Emley Corporation are shown below.
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EMLEY CORPORATION
Comparative Condensed Income Statements
For the Years Ended December 31
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2017
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2016
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Net sales
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$717,400
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$654,000
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Cost of goods sold
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526,470
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457,800
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Gross profit
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190,930
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196,200
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Operating expenses
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136,250
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130,800
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Net income
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$ 54,680
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$ 65,400
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Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base.
Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both years.