LO 2 Horizontal Analysis SE4. ACCOUNTING CONNECTION Vision, Inc.'s comparative income statements follow. Compute the amount and percentage changes for the income statements, and comment on the changes from 2013 to 2014. (Round the percentage changes to one decimal place.) (Continued) Vision, Inc. Comparative Income Statements For the Years Ended December 31, 2014 and 2013 2014 2013 Net sales $360,000 $290,000 Cost of goods sold 224,000 176,000 Gross margin $ 136,000 $ 114,000 Operating expenses 80,000 60,000 Operating income $ 56,000 $ 54,000 Interest expense 14,000 10,000 Income before income taxes $ 42,000 $ 44,000 Income taxes expense 14,000 16,000 Net income $ 28,000 $ 28,000 Earnings per share $ 2.80 $ 2.80 Vertical Analysis SES. ACCOUNTING CONNECTION Vision, Inc.'s comparative balance sheets follow. Prepare common-size statements and comment on the changes from 2013 to 2014. (Round to one decimal place.) LO 2 2013 Vision, Inc. Comparative Balance Sheets December 31, 2014 and 2013 2014 Assets Current assets $ 48,000 Property, plant, and equipment (net) 260,000 Total assets $308,000 Liabilities and Stockholders' Equity Current liabilities $ 36,000 Long-term liabilities 180,000 Stockholders' equity 92,000 Total liabilities and stockholders' equity $308,000 $ 40,000 200,000 $240,000 $ 44,000 120,000 76,000 $240,000