Participation Problem #9 is extra. I will be offering extra credit for one additional participation problem beyond the six required, and this is your opportunity to claim this extra credit or to make up for a missed participation problem. (There are now 9 total participation problems. I will calculate your points earned based on your best 7 participation problems, although the points possible will still be for 6. This will allow for a possible 35 points out of 30 for the participation problems.) Participation Problem #9 is a simple exercise on vertical and horizontal analysis related to chapter 14. You will need to complete a horizontal analysis on the income statement and a vertical analysis on the Balance sheet. The information for the assignment can be found in the excel document provided. Please complete the analyses in a copy of the excel document, including your formulas. Participation Problem #9 will be due on Friday, May 1st at 11:59pm in Blackboard. Please submit your assignment as an excel file. Music Magic Income Statement For the Year Ended December 31st, 2019 2019 2018 Revenues Service Revenue $ 6,500 $ 6,000 800 $ Expenses Advertising Expense Depreciation Expense Interest Expense Rent Expense Salaries Expense Supplies Expense Total Expenses 400 100 500 2,400 900 5,100 750 350 100 500 2,200 800 4,700 $ Net Income $ 1,400 $ 1,300 $ Assets Current Assets Cash Accounts Receivable Supplies Prepaid Rent Total Current Assets 56,400 500 200 5,000 62,100 Music Magic Balance Sheet December 31st, 2019 Liabilities Current Liabilities Accounts Payable Interest Payable Deferred Revenue Salaries Payable Total Current Liabilities Long-Term Liabilities Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 600 100 700 1,200 2,600 $ $ 12,000 14,600 $ Long-Term Assets Equipment Accumulated Depreciation Total Long-Term Assets 25,000 (400) 24,600 70,000 2,100 72,100 86,700 $ $ Total Assets 86,700