Part I As a new accountant, you have been assigned to your firm's client, Jim's Auto Body. Jim's Auto Body is a relatively new company of 2 years. To help the client understand the company's performance over the last 2 years, complete a horizontal and vertical analysis of the income statement and balance sheet using the financial statements provided below. Horizontal Analysis of the Income Statement Jim's Auto Body Jim's Auto Body Income Statement Income Statement As of April 30, 2016 As of April 30, 2017 Revenues: Revenues: Service Revenue 32,000 Service Revenue 36,000 Total Revenue 32,000 Total Revenue 36.000 Expenses: Expenses: Salary Expense 3,200 Salary Expense 4,700 Rent Expense 1,500 Rent Expense 2,000 Utility Expense 350 Utility Expense 900 Depreciation Depreciation Expense 410 Expense 200 Insurance Expense 175 Insurance Expense 250 Supply Expense 350 Supply Expense 510 Total Expenses 5,985 Total Expenses 8,560 26,015 27,440