Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from…

Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.

20X2

20X1

Current Assets

$ 76,000

$ 80,000

Property, Plant, and Equipment (net)

99,000

90,000

Intangibles

25,000

50,000

Current Liabilities

40,800

48,000

Long-Term Liabilities

143,000

160,000

Stockholders’ Equity

16,200

12,000

Net Sales

500,000

500,000

Cost of Goods Sold

332,500

350,000

Operating Expenses

93,500

85,000

Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.

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