Bay Footware Inc comparative Balance Sheet December 31,2022 and 2021 \begin{tabular}{|rr|} \hline 285,000 & 305,000 \\ \hline 25,000 & 30,000 \\ \hline 70,000 & 78,000 \\ \hline 380,000 & 413,000 \\ \hline 775,100 & 725,000 \\ \hline \end{tabular} Liabilities and Stockholders' Equity Liabilities Current Liabilities Accounts Payable Notes Payable Salaries Payable Total Current Liabilities Long-Term Liabilities Bonds Payable Total Long-Term Labilities Total Liabilities \begin{tabular}{|rr|} \hline 35,000 & 36,000 \\ \hline 39,000 & 160,000 \\ \hline 36,000 & 40,000 \\ \hline 110,000 & 236,000 \\ & \\ \hline & \\ \hline 81,000 & 75,000 \\ \hline 81,000 & 75,000 \\ 191,000 & 311,000 \\ \hline \end{tabular} Stockholders's Equity Common stock (s1 par) Retained Earnings Total Stockholders's Equity Totai Labilities and stockholdersi Equity \begin{tabular}{|cc|} \hline 100.000 & 100,000 \\ \hline 484.100 & 314.000 \\ \hline 584.100 & 414.000 \\ \hline & \\ \hline 775.100 & 725.000 \\ \hline & \\ \hline \end{tabular} 6 Prepare the following based on given Comparative Income Statement and Variance Analysis. a. Verticle analysis and Horizontal Analysis of Gross Profit, Total Expenses, Net Income after Income Taxes, Current Asset, Current Liabilities and Total Liabilities of 2021 and 2022. b. Calculate Ratios of the following for both 2022 and 2021 Rate of return on sales Rate of return on total assets Asset Turnover Working Capital Current Ratio Acid-test Ratio Bay Footware inc. Comparative Income Statement Years Ended December 31, 2022 \begin{tabular}{lrr|} \hline Sales & 2022 & 2021 \\ \hline Less Sales returns abd Allowance & 1,650,000 & 1,505,000 \\ \hline Net Sales & 25,000 & 55,500 \\ \hline Cost of Goods Sold & 1,625,000 & 1,449,500 \\ \hline Gross Profit on Sales & 585,000 & 434,850 \\ \hline Selling Expenses & 1,040,000 & 1,014,650 \\ General Expenses & 292,500 & 260,910 \\ Total Expenses & 487,500 & 405,860 \\ \hline Net Income before Income Taxes & 780,000 & 666,770 \\ \hline Income Tax Expense & 260,000 & 347,880 \\ Net Income after Income Taxes & 52,000 & 69,576 \\ \hline & 208,000 & 278,304 \\ \hline \end{tabular}