Hortizontal Analysis Tiger Audio Income Statements For the Years Ended December 31, Current Previous Dollars Percentage Hortizontal Analysis Tiger Audio Balance Sheet As of December 31, Current Previous Dollars Percentage Sales Revenue $222,000 $185,000 Cash $ 40,000 $ 38,000 Cost of Goods Sold 127,650 111,000 Accounts Receivable, Net 18,500 16,000 Gross Profit 94,350 74,000 Inventory 25,000 22,000 Property and Equipment, Net 127,000 119,000 Operating Expenses 39,600 33,730 Total Assets 210,500 195,000 Income from Operations 54,750 40,270 Accounts Payable $27,000 $25,000 Interest Expense 4,000 3,270 Income Tax Payable 3,000 2,800 Income before Income Tax Expens 50,750 37,000 Note Payable (long-term) 75,500 92,200 Total Liabilities 105,500 120,000 Income Tax Expense Net Income 15,225 11,100 $ 35,525 $ 25,900 Common Stock Retained Earnings $ 25,000 $25,000 80,000 50,000 Total Stockholders' Equity 105,000 75,000 Total Liabilities and Stockholders' Equity 210,500 195,000