E17-15 Performing vertical analysis of a balance sheet Theta Designs, Inc. has the following data: THETA DESIGNS, INC. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Total Current Assets Property, plant, and Equipment, Net Other Assets Total Assets $ 25,000 153,600 21,400 $ 200,000 $ 73,440 168,300 64,260 $ 306,000 Liabilities Total Current Liabilities Long-term Debt Total Liabilities $ 27,600 72,400 100,000 $ 49,266 208,998 258,264 Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity 100,000 $ 200,000 47,736 $ 306,000 Perform a vertical analysis of Theta Designs's balance sheet for each year. E17-13 Performing horizontal analysisincome statement Data for Mulberry Designs, Inc. follow: MULBERRY DESIGNS, INC. Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Net Sales Revenue $ 431,000 $ 372,350 Expenses: Cost of Goods Sold 203,850 186,000 Selling and Administrative Expenses 99,000 93,250 Other Expenses 9,000 4,650 Total Expenses 311,850 283,900 Net Income $ 119,150 $ 88,450 Requirements 1. Prepare a horizontal analysis of the comparative income statement of Mulberry Designs, Inc. Round percentage changes to one decimal place. 2. Why did 2018 net income increase by a higher percentage than net sales revenue