Financial Statement Analysis HomeworkAC$102$ Managerial AccountingINSTRUCTIONS: Use the financial statements below to complete an analysis of Murawski Company, including: $($a$)$ a horizontal analysis of each statement, $($b$)$ a vertical analysis of the $2017$ balance sheet and $2017$ income statement only, and $($c $)$a ratio analysis.After completing your analysis, please summarize the overall position of the company in $2017,$ and support your summary with information from parts a$-$c$.$Murawski CompanyComparative Balance SheetsDecember $31$Newer $($Current$)$Older $($Prior$)$Assets$20172016$Cashi$330\mathrm{.}000360,000$Accounts receivable$470,000400,000$Inventory$460,000390,000$Prepaid expenses$120\mathrm{.}000160,000$Long$-$Term Investments$10,000$$$10,000$Property, plant and Equipment$420\mathrm{.}000$$$380,000$Intangibles and other assets$530\mathrm{.}000510,000$Total Assets$2\mathrm{.}340\mathrm{.}0002,210\mathrm{.}000$Liabilities and Stockholders EquityCurrent Liabilities$900,000790\mathrm{.}000$Long$-$term Liabilities$410\mathrm{.}000$$$380,000$Common stock$$730,000$$$840,000$Retained earningsS$300,000$$$1200\mathrm{.}000$Total Liabilities & Stockholders Equit$)$$$2\mathrm{.}340\mathrm{.}0002\mathrm{.}210\mathrm{.}000$Murawski CompanyComparative Income StatementsFor the Years Ended December $3120172016$RevenuesGross Sales Revenue$400,000356\mathrm{.}000$LESS: Returns, Discounts & Allowance$20,00010,000$Total NET Sales Revenue$$380,000346,000$ExpensesCost of Goods Sold$95,500$S$89\mathrm{.}000$Selling & Administrative Expense$240,000233\mathrm{.}000$Interest expense$2\mathrm{.}500$S$2,000$Income Tax Expense$112,600$$$6,600$Total Expenses$350,600|330,600$Net Income$$29,40015,400$