checked ked out of 0 The following financial statements are taken from the records of Organo Inc. a) Use horizontal analysis techniques to compare the changes between 2020 and 2019 balance sheet items. Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Round all percentages to 2 decimal places. Remove flag Organo Inc. Balance Sheet As at May 31 2019 2020 $ Change % Change Current Assets Cash $339,500 $328,400 $ 96 Accounts Receivable $222,900 $179,000 $ %6 Merchandise Inventory $372,000 $407,500 $ 96 Short-Term Investments $63,500 $91,700 $ 96 Total Current Assets $997,900 $1,006,600 $ %6 Long-Term Assets $185,200 $279,300 $ 96 Total Assets $1,183,100 $1,285,900 $ % Current Liabilities $231,300 $265,100 $ 96 Long-Term Liabilities $88,700 $119,100 $ Long-Term Liabilities 588,700 $119,100 $ Total Liabilities $320.000 $384 2001 Shareholders' Equity 5863,100 5901,700 5 Total Liabilities and Equity $1,183,100 $1,285,900 $ b) Perform a vertical analysis of the income statement for 2020, stating all income statement items as a percentage of net sales. Organo Inc. Income Statement For the Year Ended December 31 2020 Sales $702,000 Cost of Goods Sold $210,600 Gross Profit 5491,400 Operating Expenses Advertising ense 54,700 Utilities Expense $7,600 Rent Expense 55,600 Salaries and Wages Expense $47,200 Depreciation Expense $36,500 Interest Expense $7,700 Total Expenses $109,300 Income Before Income Tax 5382,100 Income Tax Expense $114,630 Net Income $267,470