Income Statement Account 2021 2022 Vertical Analysis % Horizontal Analysis % Gross Sales $500,650 $635,340 9. 10. Less Returns 6,200 8,100 11. 12. Net Sales 1. 2. 13. 14. Cost of Goods Sold 320,400 330,500 15. 16. Gross Profit 174,050 296,740 17. 18. Administration 80,240 82,350 19. 20. Advertising 38,560 41,250 21. 22 22. Overhead 30,240 31.560 23. 24. Operating Income 3. 4. 25. 26. Interest 5.200 7,200 27. 28. Earnings Before Taxes 5. 6. 29. 30. Taxes 9,000 10.250 31. 32. Net Income 7. 8. 33. 34.