Loni's Boutique, Inc., requested that you perform a vertical analysis of its balance sheet to determine the component percentages of its assets, liabilities, and stockholders' equity Round to the nearest tenth of a percent, XX%. (Click the icon to view the balance sheet of the company) Lori's Boutique, Inc. Vertical Analysis of Balance Sheet December 31, 2016 Amount Percent Assets Total current assets Long-term investments Property, plant, and equipment, net Total assets s 135,000 52,500 290,500 1% 100.0 % $ 478,000| Liabilities $ 103,000| |% Total current liabilities 108,000 211,000 267,000 Long-term debt Total liabilities Stockholders' Equity Total stockholders' equity $478.000100.0 Total liabilities and stockholders' equitv Data Table Lori's Boutique, Inc. Balance Sheet December 31, 2016 Assets Liabilities Total current assets Long-term investments Property, plant, and equipment, net $ 135,000 Total current liabilities 52,500 Long-term debt 290,500 Total liabilities $ 103,000 108,000 211,000 Stockholders' Equity 267,000 1 Total stockholders' equity $ 478,000|Total liabilities and stockholders' equity 478,000 Total assets Print Done Below is the comparative income statement of Sunny Chip, Inc. EE (Click the icon to view the comparative income statement) Requirements 1. Prepare a horizontal analysis of the comparative income statement of Sunny Chip, Inc. Round percentage changes to the nearest tenth of a percent. Why did net income increase by a higher percent than total revenues increased during 2016? 2. Sunny Chip, Inc. Horizontal Analysis of Comparative Income Statement Years Ended December 31, 2016 and 2015 Increase (Decrease) 2016 2015 Amount Percentage S515,000$ 403,700 Revenue Expenses: Cost of goods sold Selling and general expenses interest expense ncome tax expense Total expenses Net income 255,000 30,000 122,800 119,800 7,0001,000 45,000 395,800 54,700 439,500 ht: $75,500$7,900 rve Data Table Sunny Chip, Inc. Comparative Income Statement Years Ended December 31, 2016 and 2015 2016 2015 $515,000 403,700 Revenue Expenses: Cost of goods sold Selling and general expenses Interest expense Income tax expense Total expenses Net income 255,000 230,000 122,800 119,800 7,000 1,000 54,700 45,000 439,500 395,800 $ 75,500 $ 7,900 ld era ns Print Done