Prepare a honzontal analysis of the following comparative income statement of The Enchanted Group Click the icon to view the comparative income statement) Why did not income increase by a higher percentage than net sales revenue during 20207 Show Enchanted's horizontal analysis of net sales and expenses. (Round the percentagos to the nearest hundredth percent) The Enchanted Group Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2020 and 2019 (amounts in thousands Increase / (Decrease) 2020 2019 Amount Percent Sales revenues $ 466,216 $ 404,000 % 221,810 205,000 Less: Cost of goods sold % Gross profit S 244,406 $ 199.000 % 107.712 102,000 Less: Operating expenses % Operating income S 136.694 $ 97000 11.500 Less: Interest expense 8,000 Income before income taxes S 125,194 $ 89,000 % 18,904 Less: Income tax expense 14,000 $ 106,290 $ 75,000 Net income Why did not income increase by a higher percentage than net sales revenue during 2020? Not income increased by a much higher percentage than total revenues during 2020 because increased at a higher rate than did % - Data table B C 1 The Enchanted Group N Income Statement ) 3 For the Years Ended December 31, 2020 and 2019 4 (amounts in thousands) 5 2020 2019 6 Sales revenues $ 466,216 $ 404,000 3 221,810 205,000 7 Less: Cost of goods sold 8 Gross profit $ 244,406 $ 199,000 $ 9 Less: Operating expenses 107,712 102,000 10 Operating income $ 136,694 $ 97,000 $ 11 Less: Interest expense 11,500 8,000 12 Income before income taxes $ 125,194 $ 89,000 $ 13 Less: Income tax expense 18,904 14,000 $ 14 Net income 106,290 S $ 75,000 ra pa Print Done