End of Chapter: Financial Statement Analysis MULBERRY DESIGNS, INC. Comparative Income Statement Years Ended December 31, 2024 and 2023 Net Sales Revenue 2024 2023 $ 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. 1. Net Income 34.7% 2. Why did 2024 net income increase by a higher percentage than net sales revenue? RS