Comparative information taken from the Wyatt Companys financial statements is shown below:

2021 2020

(a) Notes receivable $ 20,000 $ 0

(b) Accounts receivable 175,000 140,000

(c) Retained earnings 30,000 (40,000)

(d) Income taxes payable 55,000 20,000

(e) Sales 900,000 750,000

(f) Operating expenses 160,000 200,000

Required:

Using horizontal analysis, show the percentage change from 2020 to 2021 with 2020 as the base year. Show your calculations where appropriate.