Perform Horizontal Analysis on the Income Statement and Balance Sheet of Carolina Products Carolina Products Income Statement Years Ended 12/31/2016 & 12/31/2015 Horizontal Analysis S Change % Change 2016 $272,500 $157,472 $115,028 2015 $270,010 $154,589 $115,421 Sales Cost of Goods Sold Gross Profit Operating Expenses: Selling Expense Salary Expense Administrative Expense Advertising Expense Utilities Exp Depreciation Exp Total Operating Expenses Net Income S49,675 $30,000 $15,500 $3,400 $1,100 $1,620 $101,295 $13,733 S48,500 $28.000 $15,400 $3,200 $1,000 $1,450 $97,550 $17,871 Carolina Products Balance Sheet 12/31/2016 & 12/31/2015 Horizontal Analysis s Change % Change 2016 $108,886 $105,650 $1,100 $205,000 $1,200 $80,000 $10.500 ($2,000) $510,336 2015 $107,455 $112,420 $1,000 $189,350 $1,050 $80,000 $10,500 ($2,200) $501,590 Assets Cash Accounts Receivable Prepaid Insurance Inventory Prepaid Expenses Land Office Equipment Accum Depr-Office Equip Total Assets Liabilities Accounts Payable Sales Tax Payable Interest Payable Total Liabilities Stockholders Equity Common Stock Paid in Capital in Excess of P: Retained Earnings Total Stockholders Equity Total Liabilities & Stockhold $72,090 $3,500 $860 $76,450 $70,005 $3,450 S825 $74,280 $60,000 $260,000 $113,886 $433,886 $510,336 $58,000 $254,500 $114,810 $427,310 $501,590