Prepare a horizontal analysis of the following comparative income statement of The McCormick 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? Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2017 and 2016 (amounts in thousands) Increase / (Decrease) 2017 2016 Amount Percent Sales revenues Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Interest expense Income before income taxes Less: Income tax expense Net income Why did net income increase by a higher percentage than net sales revenue during 2017? Net income increased by a much higher percentage than total revenues during 2017 because $ 567,276$492,000 247,500 266,805 S 300,471$ 244,500 148,750 140,000 $ 151,721 $104,500 4,070 $ 141,816 $ 100,430| 18,430 $120,58182,000 9,905 |% 21,235 Vincreased at a higher rate than did Enter any number in the edit fields and then continue to the next question. total expenses Data Table The McCormick Group Income Statement For the Years Ended December 31, 2017 and 2016 amounts in thousands) 2017 2016 Sales revenues Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Interest expense Income before income taxes Less: Income tax expense Net income $ 567,276 $492,000 247,500 $ 300,471 $244,500 140,000 151,721 $104,500 4,070 $ 141,816 $ 100,430 18,430 120,581 82,000 266,805 148,750 9,905 21,235