Prepare the following based on given Comparative Income Statement and Variance Analysis. a. Verticle analysis and Horizontal Analysis of Gross Profit, Total Expenses, Net Income after Income Taxes, Current Asset, Current Liabilities and Total Liabilities of 2021 and 2022. b. Calculate Ratios of the following for both 2022 and 2021 Rate of return on sales Rate of return on total assets Asset Turnover Working Capital Current Ratio Acid-test Ratio Bay Footware Inc. Comparative Income Statement Years Ended December 31, 2022 2022 2021 Sales 1,650,000 1,505,000 Less Sales returns abd Allowance 25,000 55,500 Net Sales 1,625,000 1,449,500 Cost of Goods Sold 585,000 434,850 Gross Profit on Sales 1,040,000 1,014,650 Selling Expenses 292,500 260,910 General Expenses 487,500 405,860 Total Expenses 780,000 666,770 Net Income before Income Taxes 260,000 347,880 Income Tax Expense 52,000 69,576 Net Income after Income Taxes 208,000 278,304 Bay Footware Inc. Comparative Balance Sheet December 31, 2022 and 2021 2022 2021 Asset Current Asset Cash 210,050 165,000 Accounts Receivable 125,000 105,000 Inventory 60,050 42,000 Total Current Assets 395,100 312,000 Property, Plant, and Equipment Building (net) 285,000 305,000 Furniture 25,000 30,000 Equipment (net) 70,000 78,000 Total Property, Plant, and Equipment 380,000 413,000 Total Assets 775,100 725,000 Liabilities and Stockholders' Equity Liabilities Current Liabilities Accounts Payable 35,000 36,000 Notes Payable 39,000 160,000 Salaries Payable 36,000 40,000 Total Current Liabilities 110,000 236,000 Long-Term Liabilities Bonds Payable 81,000 75,000 Total Long-Term Liabilities 81,000 75,000 Total Liabilities 191,000 311,000 Stockholders's Equity Common Stock ($1 par) 100,000 100,000 Retained Earnings 484,100 314,000 Total Stockholders's Equity 584,100 414,000 Total Liabilities and Stockholders' Equity 775,100 725,000