The Income Statements for Urban Outfits,Inc Required:
Part A

The income statements for Urban Outfits,Inc.are presented below:
Urban Outfits, Inc.
Income Statements
Year Ended December 31
$\begin{array} { l r r } & \text { Current Year } & { \text { Prior Year } } \\\hline \text { Sales revenue } & \$ 731,559 & \$ 683,700 \\\text { Cost of goods sold } & 358,719 & 329,100 \\\text { Gross prolit } & 372,840 & 354,600 \\\text { Operating and other expenses } & 122,960 & 114,400 \\\text { Interest expense } & 6,600 & 8,500 \\\text { Income tax expense } & 37,200 & 36,700 \\\text { Net income } & \$ 206,080 & \$ 195,000 \\\end{array}$
Required:
Part a.Prepare a horizontal analysis of the income statement above.Round to the nearest whole percent.
Part b.Interpret your analysis.Comment on significant changes.