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13) The vertical analysis statement of Nobell Inc. is as below Nobell Inc Comparative Income Statement years Ended Dee 31,2015 and 2014 In millions) Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Administrative expenses Total Expenses Operating Income Other Revenues and (Expenses): Interest Revenue Interest Expense Total Other Revenues and (Expenses) Income Before Taxes Income Tax Expense Net Income Percent of Tota 2015 $4,920 2016 Percent of Total 100.0% 44.7 55.3 $6,355 100.0% 53.0 47.0 $2,985 S2,720 S675 $410 11.8 8.6 $1,005204 $580 425 10.6 17.1 29.9 $1,900 $1,715 34.9 0.0 100 695 $1,500 230 S1.270 23.6 3.6 20.0 20.7 4.3 16.5 $1,020 $810 The figure 16.5% shown for net income in 2015 signifies that A) net income is equal to 16.5 times of the income before income tax. B) net income is 16.5% of gross profit. C) net income is increased by 16.5% over the previous year. D) net income is 16.5% of net sales revenues. 14) Which of the following best describes horizontal analysis? A) expressing each figure as a percentage of a budgeted figure B) comparing figures from year to year for the same company C) calculating key ratios to evaluate performance D) comparing a company's financial statements with other companies 15) Which of the following best describes trend analysis? A) calculating key ratios to evaluate performance B) expressing each figure as a percentage of a budgeted figure C) expressing each year's figures as a percentage of the base year figures D) comparing a company's financial statements with that of other companies A) It shows how the profits or losses of the company were generated. B) It indicates when long-term debt will mature. C) It reports on the qualitative behavior of the company's performance D) It covers a specific span of time the same as the income sta 16) Which of the following is true of the statement of cash flows? tement