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ACTIVITY 2.1 Problem 1 - Horizontal Analysis of the Income Statement Income statement data for ALIX Company for years 2020 and 2019 are as follows: 2020 2019 Sales Php 1,120,000 Php 1,000,000 Cost of Goods Sold 971250 875.000 Gross Profit Php 148.750 Php 125.000 Selling Expenses 71.250 62.500 Administrative Expenses 56.000 50.000 Total Operating Expenses Php 127,250 Php 112,500 Income before Income Tax Php 21,500 Php 12,500 Income Tax Expense 8.000 5.000 Net Income Php 13.500 Php 7.500 Amount Percent (1) (10) (2) (3) (12) (4) (13) (5) (14) (6) (15) (7) (16) (8) (17) (9) (18) Required: Prepare a comparative income statement with horizontal analysis, indicating the increase(decrease) for the current year when compared to the previous year. Round to one decimal place. Problem 2 - Vertical Analysis of Balance Sheet Balance sheet data for FOLLERO Company on December 31,2020 and 2019 are as follows: December 31, 2020 December 31, 2019 Php 1,300,000 (23) 3,000,000 (24) Php 945,000 (38) 3.150,000 (39) and Current Assets Property Plant Equipment Intangible Assets Current liabilities Long-term Liabilities 700,000 (25) (19) (26) 1,000,000 (27) 1,500,000 (28) (20) (29) 500,000 (30) 2.000.000 (31) (21) (32) (22) (33) 405,000 (40) (34) (41) 720,000 (42) 1.575,000 (43) (35) (44) 495.000 (45) 1.710,000 (46) (36) (47) (37) (48) Common stock Retained Earnings Required: Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets, and each liability and stockholder's equity item as a percent of the total liabilities and stockholder's equity. Round to one decimal place