II. Horizontal & Vertical Analysis (10 points) 1. Perform the Horizontal & Vertical Analysis (as required) for the following Financial Statements: Blank Cells Required Fields a. Horizontal Method Retained Earnings, Jan.1 Add: Net Income Deduct: Dividends Retained Earnings, Dec.31 2022 2021 Amount Percent $425,000 $396,500 $564,000 $494,000 $989,000 $890,500 $50,000 $40,000 $939,000 $850,500 b. Vertical Method 2022 2021 Amount Percent Amount Percent Sales revenue $4,765,000 $2,010,000 Sales returns and allowances $107,000 $103,000 Net Sales $4,658,000 $1,907,000 CGS $2,100,000 $1,030,000 Gross profit $2,558,000 $877,000