horizontal analysis of income statement for 20y2, macklin inc. reported a significant decrease in net income. at the end of the year, john mayer, the president, is presented with the following condensed comparative income statement:

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16-12-2022
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horizontal analysis of income statement for 20y2, macklin inc. reported a significant decrease in net income. at the end of the year, john mayer, the president, is presented with the following condensed comparative income statement:

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sapanpandit sapanpandit · Answer 1 · 2022-12-20T11:03:40+01:00

The following abbreviated comparative income statement is submitted to the president; round the numbers to 46.3% by adding -16100/34800 x 100%.

This error is caused by rounding off the numbers. You will receive -16100/34800 x 100% = -46.26 and round that to 46.3%.

A company's financial success over a particular accounting period is reported using one of the three key financial statements, the income statement. The cash flow statement and the balance sheet are the other two important statements.

The income statement focuses on the company's earnings for a specific time period, including profits and losses. An income statement, sometimes referred to as a profit and loss (P&L) statement or a summary of sales and expenses, offers crucial information about a company's operations, the effectiveness of its leadership, underperforming industries, and performance in comparison to peers in the same sector.

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