The following is a summary of information presented on the financial statements of a company on December 31, 2025. Account Net Sales Revenue 2025 $ 600,000 2024 $504,000 Cost of Goods Sold 456,000 405,000 Gross Profit 144,000 99,000 Selling Expenses 51,000 54,000 Net Income Before Income Tax Expense 93,000 45,000 Income Tax Expense 38,000 15,000 Net Income $55,000 $30,000 With respect to income tax expense, a horizontal analysis reveals (Round your answer to two

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following is a summary of information presented on the financial statements of a company on
December 31, 2025.
Account
Net Sales Revenue
2025
$ 600,000
2024
$504,000
Cost of Goods Sold
456,000 405,000
Gross Profit
144,000
99,000
Selling Expenses
51,000
54,000
Net Income Before Income Tax Expense
93,000
45,000
Income Tax Expense
38,000
15,000
Net Income
$55,000
$30,000
With respect to income tax expense, a horizontal analysis reveals
(Round your answer to two
Transcribed Image Text:The following is a summary of information presented on the financial statements of a company on December 31, 2025. Account Net Sales Revenue 2025 $ 600,000 2024 $504,000 Cost of Goods Sold 456,000 405,000 Gross Profit 144,000 99,000 Selling Expenses 51,000 54,000 Net Income Before Income Tax Expense 93,000 45,000 Income Tax Expense 38,000 15,000 Net Income $55,000 $30,000 With respect to income tax expense, a horizontal analysis reveals (Round your answer to two
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