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1. Presented below are the Comparative Statements of Financial Position and Comparative Income Statement of On The Dot Trading. Perform a horizontal analysis showing the increase or decrease for the year 2017 in comparison to the year 2016. On The Dot Trading Statement of Financial Position As of December 31 2017 2016 Increase (Decrease) Amount Percent ASSETS Current Assets Cash Short-Term Investments Accounts Receivable (net) Merchandise Inventory Total Current Assets Property. Plant & Equipment TOTAL ASSETS 158 000 84 000 130 000 192000 240 000 200 000 500 000 530 000 1028 000 1006 000 2340 000 2 350 000 3368 000 3 356 000/ LIABILITIES and OWNER'S EQUITY Current Liabilities Non-Current Liabilities TOTAL LIABILITIES OWNER'S EQUITY TOTAL LIABILITIES OWNER'S EQUITY 530 000 800 000 1330 000 2038 000 584 000 840 000 1424 000 1932 000 3 368 000,3 356 000 Interpretation: 1 On The Dot Trading Income Statement For the Years Ended December 31 (in millions) 2017 2016 Increase (Decrease) Percent Amount Net Sales 4972 Cost of Goods Sold 3046 Gross Profit 1926 Selling & Administrative Expenses 1556 Operating Income 370 Interest Expense 88 Income Before Income Taxes 282 Income Tax Expense 94 Net Income 188 4 150 2444 1706 1500 206 92 114 42 72 Interpretation