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Prepare oriconial and vercl E13-6 Here are the comparative income statements of Delaney Corporation anohses LO 21,AP DELANEY CORPORATION For the Years Ended December 31 2017 2016 $500,000 420,000 80,000 44,000 $36,000 Net sales Cost of goods sold Gross profit $598,000 477,000 121,000 80,000 41,000 Net income S Exercises 689 (a) Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2016 as a base. (Show the amounts of increase or decrease.) Prepare a vertical analysis of the income statement data for Delaney Corporation for both years (b) E13-9 Lendell Company has these comparative balance sheet data: Compute selected ratios LO 3), AP LENDELL COMPANY Balance Sheets December 31 2017 15,000 60,000 30,000 Accounts receivable (net) Plant assets (net) 180,000 320,000 $345,000 60,000 100,000 120,000 40,000 Accounts payable Mortgage payable (15%) Common stock, $10 par Retained eanings 50,000 55,000 $345,000 320,000 Additional information for 2017: 1. Net income was $25,000 2. Sales on account were $375,000. Sales returns and allowances amounted to $25,000 3. Cost of goods sold was $198,000. 4. Net cash provided by operating activities was $48,000. 5, Capital expenditures were $25,000, and cash dividends were $10,000 690 13 Financial Analysis: The Big Picture Compute the following ratios at December 31, 2017 (a) Current ratio, (b) Accounts receivable turnover. (c) Average collection period. (d) Inventory turnover e) Days in inventory (D) Free cash flow