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6 #1 HORIZONTAL ANALYSIS 7 8 9 9 10 INSTRUCTIONS: Prepare a horizontal analysis of the income statement for Moran Corp. using 2020 as the

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6 #1 HORIZONTAL ANALYSIS 7 8 9 9 10 INSTRUCTIONS: Prepare a horizontal analysis of the income statement for Moran Corp. using 2020 as the base year. Moran Corp. Comparative Condensed Income Statement For the years ended December 31 12 13 14 2021 2020 15 600 500 16 350 300 Net Sales Cost of goods sold Gross Profit Operating expenses 17 250 200 18 50 40 19 Net Income 200 160 20 21 22

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