2. Income Statement/Statement of Financial Performance (50 pts.) a Horizontal Analysis for 2019 b. Vertical Analysis for 2018 and 2019 DOWNY'S CREEK RETAIL, INC. STATEMENTS OF FINANCIAL PERFORMANCE FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 2019 19,151,53608 2018 13,450,514.46 1,071,412.00 17,894,322.58 18,965,734.58 1,704,510.00 17,261,224,58 1.890,311.50 985,400.00 11,592,65217 12,578,052.17 1,071,41200 11,506,610.17 1.943,874.29 SALES COST OF SALES Inventory- Beginning Add: Purchases and Freight in Total Goods Available Less: Inventory - End COST OF SALES GROSS PROFIT OPERATING EXPENSES Salanes, Wages & Allowances Rental Interest Expense Depreciation Expense Communication Expenses Office Supplies Miscellaneous Expense OPERATING EXPENSES INCOME BEFORE TAX LESS TAX EXPENSE NET INCOME 754,100.00 486,580.17 3.013.89 161,500.00 47,988.00 15,658.10 4,210.00 1.473,050.16 417,261341 125,178.40 292,082.96 844,154.75 496,891.04 4,511.66 136,500.00 35,988.00 16,541.85 6,54123 1.541,128.53 402,745.76 120,823.73 281,922.03