7. Income statement information for Lucy Company is provided below. Sales $175,000 105,000 $ 70,000 Cost of goods sold Gross profit Prepare a vertical analysis of the income statement for Lucy Company. 8. Cash and accounts receivable for Adams Company are provided below. Current Year $70,000 Prior Year $50,000 Cash Accounts receivable (net) 70,400 80,000 What is the amount and percentage of increase or decrease that would be shown with horizontal analysis