Overall Operating Performance

For the fiscal year ended December $31,2021,$ our sales Increased $41\%$ percent and $16,038,334$ Million from the previous year.

For the fiscal year ended December $31,2021,$ our gross profit Increased $14\%$ percent and $8,821,084$ Million from the previous year.

For the fiscal year ended December $31,2021,$ our operating expenses Decreased $-4\%$ percent and $5,861,306$ Million from the previous year.

For the fiscal year ended December $31,2021,$ our operating income Increased $49\%$ percent and $2,959,778$ Million from the previous year.

For the fiscal year ended December $31,2021,$ our income before income taxes Increased $51\%$ percent and $2,888,855$ Million from the previous year.

For the fiscal year ended December $31,2021,$ our income net income Increased $48\%$ percent and $2,599,969$ Million from the previous year.

Complete the Vertical, Horizontal and Ratio analysis for Retro Productions Limited

RETRO PRODUCTIONS LIMITED

Statement of Income

$\backslash$table$[[$Year Ended December $31,,2021,2020,$Change,Horizontal $\%,$Vertical $\%2021,$Vertical $\%2020],[$Sales$,22,670,200,16,038,334,$$$6,631,866,41\%,100\mathrm{.}0\%,100\mathrm{.}0\%],[,12,600,000,7,217,250,$$$5,382,750,75\%,55\mathrm{.}6\%,45\mathrm{.}0\%],[$Cost of goods sold,$10,070,200,8,821,084,$$$1,249,116,14\%,44\mathrm{.}4\%,55\mathrm{.}0\%]]$

$\backslash$table$[[$Operating expenses$],[$Salaries expense,$$3,701,000,3,878,155,($$$177,155),-5\%,16\mathrm{.}3\%,24\mathrm{.}2\%],[$Freight out,$980,000,1,058,226,($$$78,226),-7\%,4\mathrm{.}3\%,6\mathrm{.}6\%],[$Advertising expense,$437,000,405,386,$$$31,614,8\%,1\mathrm{.}9\%,2\mathrm{.}5\%],[$Depreciation expense,$168,750,160,374,$$$8,376,5\%,0\mathrm{.}7\%,1\mathrm{.}0\%],[$Rent expense,$168,000,160,945,$$$7,055,4\%,0\mathrm{.}7\%,1\mathrm{.}0\%],[$Office expense,$78,000,81,298,($$$3,298),-4\%,0\mathrm{.}3\%,0\mathrm{.}5\%],[$Utilities expense,$67,000,65,630,$$$1,370,2\%,0\mathrm{.}3\%,0\mathrm{.}4\%],[$Travel expense,$46,000,51,292,($$$5,292),-10\%,0\mathrm{.}2\%,0\mathrm{.}3\%],[$Total operating expenses,$5,645,750,5,861,306,($$$215,556),-4\%,24\mathrm{.}9\%,36\mathrm{.}5\%],[$Income from operations,$4,424,450,2,959,778,$$$1,464,672,49\%,19\mathrm{.}5\%,18\mathrm{.}5\%],[$Other expenses$],[$Interest expense,$76,200,70,923,$$$5,277,7\%,0\mathrm{.}3\%,0\mathrm{.}4\%],[$Income before income tax,$4,348,250,2,888,855,$$$1,459,395,51\%,19\mathrm{.}2\%,18\mathrm{.}0\%],[$Income tax expense,$492,000,288,885,$$$203,115,70\%,2\mathrm{.}2\%,1\mathrm{.}8\%],[$Net income,$$3,856,250,2,599,969,$$$1,256,281,48\%,17\mathrm{.}0\%,16\mathrm{.}2\%]]$We are pleased to present our Management Discussion and Analysis $($MD&A$)$ for Retro Production Ltd$.$ For the fiscal year ended December $31,2021.$ Our company has achieved the following financial results for the year over year results for December $31,2021.23$ Overall Operating Performance $4$ For the fiscal year ended December $31,2021,$ our sales $5$ For the fiscal year ended December $31,2021,$ our gross profit $6$ For the fiscal year ended December $31,2021,$ our operating expenses $7$ For the fiscal year ended December $31,2021,$ our operating income $8$ For the fiscal year ended December $31,2021,$ our income before income taxes $9$ For the fiscal year ended December $31,2021,$ our income net income $1011$ Vertical Analysis for our most major expenses, our combined minor expenses and resulting net income revealed the following: $202120201213$ Cost of goods sold $14$ Salaries expense $15$ Freight out $16$ Advertising expense $17$ Other expenses$*18$ Net Income $19$ depreciation, rent, office, utilities, travel, interest and income taxe