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Gulf Corp.'s income statement and balance sheet are given below. a) Calculate the common-size percentages for each year. Use Sales as the base amount on

image text in transcribedimage text in transcribed Gulf Corp.'s income statement and balance sheet are given below. a) Calculate the common-size percentages for each year. Use Sales as the base amount on the income statement. Use Total assets and Total liabilities and stockholders' equity as the base amounts on the oalance sheet. Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. (For example: 12.34% ) b) Assuming all other things are constant, indicate whether the vertical analysis between sales and net income is favorable or unfavorable

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