Prepare a horizontal analysis of the following comparative income statement of Bright Tutoring Inc. Round percentage changes to the nearest one-tenth percent (three decimal places): B (Click the icon to view the comparative income statement.) Why was the percentage increase in net income higher than that in total revenue during 2020? Show Bright's horizontal analysis of net sales and expenses. (Round percentages to one decimal place.) Bright Tutoring Inc. Horizontal Analysis of Comparative Income Statement For the Years Ended December 31, 2020 and 2019 Increase!(Decrease) 2020 2019 Amt. % Net sales $ 551,000 $ 465,000 Expenses Cost of goods sold Selling and general expenses Interest expense 243,000 152,000 22,000 57,000 216,000 135,000 8,000 55,000 Wages expense Total expenses 474,000 414,000 $ 77,000 $ 51,000 Net income Net income increased by a much higher percentage than total revenues during 2020 because increased at a faster rate than did Data Table 1 Bright Tutoring Inc. Income Statement For the Years Ended December 31, 2020 and 2019 2020 2019 Net sales $ 551,000 $ 465,000 Expenses Cost of goods sold 243,000 216,000 Selling and general expenses 152,000 135,000 Interest expense 22,000 8,000 Wages expense 57,000 55,000 Total expenses 474,000 414,000 $ 77,000 $ 51,000 Net income Print Done