create a horizontal analysis for the following spreadsheet: ABC COMPANY

BALANCE SHEET

At December $31,20$X$2$ and December $31,20$X$1$

$20$X$220$X$1$ Dollar Change $\%$ Change

Assets

Current Assets

Cash and cash equivalents $ $247,225168,010$

Trading Securities $ $48,00039,600$

Accounts receivable $ $28,00019,500$

Allowance for doubtful accounts $(5,000)(2,900)$

Accounts receivable, net $ $23,00016,600$

Inventories $ $2,4503,600$

Prepaid expenses and other receivables $ $1,200750$

Available$-$for$-$sale securities $ $17,75014,005$

Total current assets $ $339,625242,565$

Property, plant and equipment, net $ $404,550299,050$

Intangible Assets $ $300300$

Total assets $ $744,475541,915$

Liabilities and Shareholders' Equity

Current Liabilities

Salaries Payable $ $75,00066,950$

FICA$-$Social Security Taxes Payable $ $10,5407,682$

FICA$-$Medicare Taxes Payable $ $2,4651,797$

Employee Federal Income Taxes Payable $ $8,5006,000$

State Unemployment Taxes Payable $ $756540$

Federal Unemployment Taxes Payable $ $8460$

Notes payable or current portion of long$-$term debt $ $24,00024,000$

Accounts payable $ $15,03017,050$

Total current liabilities $ $136,375124,079$

Long$-$term debt $ $204,400128,400$

Total liabilities $ $340,775252,479$

Shareholders' equity

Common stock, $$10$ per value; $50,000$ shares authorized; $20,000$ shares issued and outstanding $ $275,000220,000$

Retained earnings $ $128,70069,436$

Total shareholders' equity $ $403,700289,436$

Total liabilities and shareholders' equity $ $744,475541,915$