Prepare the following:

1. Horizontal Analysis 2. Vertical Analysis 3. Calculate the return on equity with the DuPont model 4. Calculate the sustainable growth rate.

	2020	2019
Revenue	622,658.00	330,517.00
Cost of Revenue	115,396.00	61,001.00
Gross Profit	507,262.00	269,516.00
Operating Expenses
R&D	67,079.00	33,014.00
Sales & Marketing	340,646.00	185,821.00
G&A	86,841.00	44,514.00
Total Operating Expenses	494,566.00	263,349.00
Income from Operations	12,696.00	6,167.00
Interest income	13,666.00	2,182.00
Net Income	26,362.00	8,349.00
Income Tax Provision	1,057.00	765.00
Net Income	25,305.00	7,584.00
Assume that dividends were 15,000. Utilize Excel formulas.