Exercise 13-06 a-b Here are the comparative income statements of Concord Corporation. CONCORD CORPORATION Comparative Income Statement For the Years Ended December 31 2019 Net sales Cost of goods sold 2020 $636,000 512,616 123,384 79,500 $ 43,884 Gross Profit $530,000 452,620 77,380 43,460 $ 33,920 Operating expenses Net income (a) Prepare a horizontal analysis of the income statement data for Concord Corporation, using 2019 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CONCORD CORPORATION Comparative Income Statement Increase or (Decrease) During 2020 2020 2019 Amount Percentage Net sales $636,000 $530,000 % $ Cost of goods sold 512,616 452,620 % Gross Profit 123,384 77,380 % Operating expenses 79,500 43,460 % Net income $ 43,884 $ 33,920 % (b) Prepare a vertical analysis of the income statement data for Concord Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) CONCORD CORPORATION Condensed Income Statements 2020 2019 $ Percent $ Percent Net sales $636,000 % $530,000 % Cost of goods sold 512,616 % 452,620 % Gross Profit 123,384 % 77,380 % Operating expenses 79,500 % 43,460 % Net income $ 43,884 % $ 33,920 %