Pippin Piping Co. manufactures decorative fabric trims.Prepare a horizontal analysis for 2016.

'repare a hnrizenbal analysis for EDIE. {Hanna percentage answers to I decimai places, e.g. 52 :nter a for amounts. Enter negative amounts using eitnera negative sign preceding the ma Income Statement 2015 Eli I} change Ilia change ...... m Gust nf gnads said t 291nm H I\" I'll]. E E 3 il- M IBI- BIH -12.2? Grass prot t Essen-u assent} 21mm 163 Operating aperlses t lEIU- ldt} 15m] 12.69 1- ITEIII-- 1592 159.11.] 41. 51 3 q i 5.5? 112011 l i *3 In I:- Incnme befnre hates t 191- 15.35 Elncnme 1:}: expense til THEE- Net innnme ld 251m 5534.} 15.35 H an it BETH} 15.35 \"as n n n n E IEHIEHIEl Pippin Piping Co. Comparative Income Statements For the Years Ended December 31 2016 2015 2014 Sales revenue $576,600 $523,000 $484,200 Cost of goods sold 291,000 259,200 234,300 Gross margin 285,600 263,800 249,900 Operating expenses 106,200 104,600 104,100 Operating income 179,400 159,200 145,800 Other revenue 22,500 15,900 23,900 Interest expense 11,200 10,500 11,900 Income before income tax 190,700 164,600 157,800 Income tax expense (40%) 76,280 65,840 63,120 Net income $114,420 $98,760 $94,680Pippin Piping Co. Comparative Balance Sheets As of December 31 Assets 2016 2015 2014 Cash $32,000 $25,800 $20,500 Accounts receivable (net) 126,860 127,000 94,300 Inventory 60,000 80,700 56,000 Prepaid expenses 11,000 10,000 4,600 Total current assets 229,860 243,500 175,400 Property & equipment (net) 668,900 576,000 540,300 Total Assets $898,760 $819,500 $715,700 Liabilities and Stockholders' Equity Accounts payable $53,120 $81,200 $79,100 Accrued expenses 11,000 12,240 41,700 Total current liabilities 64,120 93,440 120,800 Long-term debt 170,000 160,000 150,000 Total liabilities 234,120 253,440 270,800 Stockholders' Equity Common stock, $0.50 par value 6,000 6,000 5,000 Additional paid-in capital 99,000 99,000 62,000 Retained earnings 559,640 461,060 377,900 Total stockholders' equity 664,640 566,060 444,900 Total Liabilities and Stockholders' Equity $898,760 $819,500 $715,700 Additional informationAdditional information 2016 2015 2014 Closing stock price $38 535 $30 Shares outstanding 12090 12 090 10 090 Dividends paid per share $ 1 32 List BE