Income statements for Thornton Company for 2018 and 2019 follow: THORNTON COMPANY Income Statements 2019 Sales $200,600 Cost of goods sold 142,500 Selling expenses 21,800 Administrative expenses 12,600 Interest expense 3,700 Total expenses $180,600 Income before taxes 20,000 Income taxes expense Net income $ 14,800 2018 $180,600 120,500 19,800 14,600 5,700 $160,600 20,000 3,200 $ 16,800 5,200 THORNTON COMPANY Horizontal Analysis of Income Statements Percentage Change over 2018 Sales % Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income (loss) THORNTON COMPANY Vertical Analysis of Income Statements Percentage of Percentage of Sales 2019 Sales 2018 Sales % Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income