GURLEY CORPORATION Comparative Condensed Balance Sheets December 31 2017 2016 Assets Current assets Property, plant, and equipment (net) Intangibles Total assets $ 74,000 99,000 27,000 $200,000 $ 80,000 90,000 40,000 $210,000 Liabilities and stockholders' equity Current liabilities Long-term liabilities Stockholders' equity Total liabilities and stockholders' equity $ 42,000 143,000 15,000 $200,000 $ 48,000 150,000 12,000 $210,000 Instructions (a) Prepare a horizontal analysis of the balance sheet data for Gurley Corporation using 2016 as a base. (b) Prepare a vertical analysis of the balance sheet data for Gurley Corporation in columnar form for 2017 E18-4 The comparative condensed income statements of Emley Corporation are shown below. Prepare horizontal and vertical analyses. (LO 1) EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2017 2016 Net sales $660,000 $600,000 Cost of goods sold 483,000 420,000 Gross profit 177,000 180,000 Operating expenses 125,000 120,000 Net income $ 52,000 $ 60,000 Instructions a) Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base. (Show the amounts of increase or decrease.) (0) Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both years