E3.7 The following comparative current assets information has been extracted from a balance sheet for two succesive years. complete a horizontal analysis for years 0007 to 0008, and a vertical common sized analysisfor year 0008.showthe increas (+) or decrease (-) in dollars and the percentage of changes in the horizontal analysis.

year 0007 year 0008

current asets 10,000 12,000

cash 1,000 1,500

credit card receivables 800 880

food inventory 11,200 7,840

prepaid expenses 3,300 4,620

total current assets 26,300 26,840