Assume the average price of a litre of gas in 2017 jumped $0.17 (16 percent) from $1.04 in 2016 to $1.21 in 2017. Let's see whether this change is reflected in the income statement of Suncor Energy Inc. for the year ended December 31, 2017 (amounts in billions). Total Revenues Costs of Crude Oil and Products Other Operating costs 2017 2016 $ 273 $ 221 171 133 59 56 Income Before Income Tax Expense Income Tax Expense 43 19 32 13 Net Income $ 24 $ 19 Required: 1-a. Conduct a horizontal analysis by calculating the year-over-year changes in each line item, expressed in dollars and in percentages. (Enter amounts in billions of dollars. Round your percentages to 1 decimal place.) SUNCOR ENERGY INC. Income Statements Change in Percentage Dollars Total revenues % Costs of crude oil and products Other operating costs Income before income tax % % Income tax expense Net income 1-b. Not available in Connect. 2-a. Conduct a vertical analysis by expressing each line as a percentage of total revenues. (Round your answers to 1 decimal places.) SUNCOR ENERGY INC. Income Statements 2017 % % Total revenues Costs of crude oil and products Other operating costs Income before income tax Change in 2016 % % % % % % % % % % Income tax expense Net income 2-b. Excluding income tax and other operating costs, did Suncor earn more profit per dollar of revenue in 2017 compared to 2016? Yes XS Supply Company is developing its annual financial statements at December 31, 2017. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: 2017 2016 Balance Sheet at December 31 Cash Accounts Receivable Merchandise Inventory Property and Equipment Less: Accumulated Depreciation $ 39,065 46,200 49,700 169,750 (40,200) $ 34,600 36,200 45,100 130,000 (32,500) $264,515 $213,400 $ 47,950 $ 34,300 Accounts Payable Wages Payable Note Payable, Long-Term Contributed Capital Retained Earnings 2,435 37,000 2,700 45,600 80,100 97,500 79,630 50,700 $264,515 $213,400 Income Statement for 2017 Sales Cost of Goods Sold Other Expenses $ 201,500 116,870 55,700 Net Income $ 28,930 Additional Data: a. Bought equipment for cash, $39,750. b. Paid $8,600 on the long-term note payable. c. Issued new shares for $17,400 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $7,700; wages, $28,100; taxes, $9,900; other, $10,000. f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash