Based on the following Balance Sheet and Income Statement for Windsor Manufacturing Inc., calculate the changes in amount and % from 2019 to 2020 and conduct horizontal analysis from 2019 to 2020. Comments on those changes from 2019 to 2020. (hint: comment on the changes in Sales, Gross Profit, Total Expenses, and Net Income after Taxes)

Income Statement for Windsor Manufacturing Month ending Dec. 31, 2020 (in $000s) Changes Comments 2019 2020 Revenues % Sales Cost of goods sold Gross profit 5 000 3750 1 250 5 625 4 125 1 500 75 100 Expenses Operating expenses Depreciation expense Interest expense Total expenses 550 500 125 750 150 750 Net income before taxes Income taxes (30%) Net income after taxes 500 150 350 750 225 525