Leeward Corporation
Income Statement
Horizontal Analysis

2006 2005 Change Percent
Revenues $2,500,000 $2,500,000
Expenses
Cost of goods sold $1,080,000 $1,750,000
Selling & administrative expense $495,000 $500,000
Interest expense $30,000 $30,000
Total Expenses $1,605,000 $2,280,000
Income before income taxes $895,000 $220,000
Income tax expense $268,500 $66,000
Net Income $626,500 $154,000