Prepare a horizontal analysis of the following comparative income statement of The Ruby Group. (Click the icon to view the comparative income statement.) Why did net income increase by a higher percentage than net sales revenue during 2017? Show Ruby's horizontal analysis of net sales and expenses. (Round the percentages to the nearest hundredth percent.) The Ruby Group Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2017 and 2016 (amounts in thousands) Increase / (Decrease) 2017 2016 Amount Percent Sales revenues 458,800 $ 400,000 209,820 195,000 Less: Cost of goods sold Gross profit 248,980 $ 205,000 Less: Operating expenses 95,670 90,000 Operating income 153,310 $ 115,000 Less: Interest expense 4250 _3.125 Income before income taxes 149,060 $ 111,875 Less: Income tax expense 16,420 11,875 Net income $ 132,640 $ 100,000 Enter any number in the edit fields and then click Check Answer. part remaining Data Table The Ruby Group Income Statement For the Years Ended December 31, 2017 and 2016 (amounts in thousands) 2017 2016 Sales revenues $ 458,800 $ 400,000 209,820 195,000 Less: Cost of goods sold Gross profit 248.980 $ 205,000 Less: Operating expenses 95,670 90.000 Operating income $ 153,310 $ 115,000 Less: Interest expense 4.250 3.125 Income before income taxes $ 149,060 $ 111,875 Less: Income tax expense 16,420 11.875 Net income $ 132,640 $ 100.000 Print Done Clear All