AP-1A LO 3 Perform a horizontal analysis of key figures from the income statement for Groff Inc. Use 2018 as the base year and comment on the results. A table has been provided to conduct the analysis. Groff Inc. Income Statement in thousands) For the Years Ended December 31, 2018-2020 2020 2019 2018 Revenue $500 $400 $300 Expenses 334 242 156 Net Income 166 158 144 Value Groff Inc. Income Statement (in thousands) and Horizontal Analysis For the Years Ended December 31, 2018-2020 2020 2019 2018 $ Change % Value $ Change % Value $ Change % from 2018 Change from 2018 Change from 2018 Change $500 $400 $300 334 242 156 166 158 144 Revenue Expenses Net Income AP-2A LO 3 Perform a vertical analysis for Hiltonia Restaurant Supplies, using sales as the base figure for both years. Calculate the percentages to two decimal places. Comment on the results and significant changes. Hiltonia Restaurant Supplies Income Statement (in millions) and Vertical Analysis For the Years Ended June 30, 2020 and 2019 2020 % of 2019 Base Figure $210 $250 150 200 60 50 % of Base Figure Sales Revenue Cost of Sales Gross Profit 12 8 2 1.8 Operating Expenses Advertising Expense Insurance Expense Rent Expense Salaries Expense Selling Expenses Total Operating Expenses 4 3 20 19 3 2 33.8 41 Net Income $19 $16.2 46