Here are the comparative condensed income statements of Sheridan Corporation.

Sheridan Corporation Condensed Income Statements For the Years Ended December 31
		2022			2021
Net sales		$643,000			$530,000
Cost of goods sold		506,041			440,960
Gross profit		136,959			89,040
Operating expenses		89,377			50,350
Net income		$ 47,582			$ 38,690

(a) Prepare a horizontal analysis of the income statement data for Sheridan Corporation, using 2021 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)

SHERIDAN CORPORATION Condensed Income Statements choose the accounting period

					Increase or (Decrease) During 2022
	2022		2021		Amount		Percentage
Net sales	$643,000		$530,000		$enter a dollar amount		enter percentages rounded to 1 decimal place %
Cost of goods sold	506,041		440,960		enter a dollar amount		enter percentages rounded to 1 decimal place %
Gross profit	136,959		89,040		enter a total amount for the first part		enter percentages rounded to 1 decimal place %
Operating expenses	89,377		50,350		enter a dollar amount		enter percentages rounded to 1 decimal place %
Net income	$47,582		$38,690		$enter a total net income amount		enter percentages rounded to 1 decimal place %

(b) Prepare a vertical analysis of the income statement data for Sheridan Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.3%.)

SHERIDAN CORPORATION Condensed Income Statements choose the accounting period

	2022				2021
	Amount		Percent		Amount		Percent
Net sales	$643,000		enter percentages %		$530,000		enter percentages %
Cost of goods sold	506,041		enter percentages %		440,960		enter percentages %
Gross profit	136,959		enter percentages %		89,040		enter percentages %
Operating expenses	89,377		enter percentages %		50,350		enter percentages %
Net income	$ 47,582		enter percentages %		$ 38,690		enter percentages %