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 2020? Data Table 1 2 B C The Ruby Group Income Statement For the Years Ended December 31, 2020 and 2019 (amounts in thousands) 2020 2019 3 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, 2020 and 2019 (amounts in thousands) Increase / (Decrease) 2020 2019 Amount Percent Sales revenues $ 458.800 $ 400,000 % 209.820 Less: Cost of goods sold 195,000 % Gross profit $ 248,980 $ 205,000 % 95,670 90,000 Less: Operating expenses % Operating income $ 153.310 $ 115,000 % 4.250 3.125 Less: Interest expense Income before income taxes $ 149,060 $ 111.875 % 16.420 Less: Income tax expense 11,875 % 132,640 100.000 Net income 4 5 6 Sales revenues $ 458,800 $ 400,000 209,820 195,000 $ 205,000 7 Less: Cost of goods sold 8 Gross profit 9 Less: Operating expenses 10 Operating income 11 Less: Interest expense 248,980 $ 95,670 % 90,000 $ 153,310$ 115,000 4,250 3,125 12 Income before income taxes $ 149,060 $ 111,875 13 Less: Income tax expense 16,420 11,875 14 Net income $ 132,640 $ 100,000 Print Done