Question 2 (12 marks) Family Supermarkets Ltd. reports the following set of financial statements for 2021 (income statement and the balance sheet on the next page) Required - Prepare a vertical analysis for the income statement and balance Family Supermarkets Ltd. Income Statement For the Year Ended December 31, 2021 % Sales Revenue Cost of goods sold Gross Margin $ $ $ 2019 585,000 366,000 219,000 Operating Expenses Selling and general expenses Interest expense Total expenses Net Income $ $ $ $ 170,000 11,200 181,200 37,800 For the Year Ended December 31, 2021 % Sales Revenue Cost of goods sold Gross Margin 2019 585,000 366,000 219,000 $ $ $ alus Operating Expenses Selling and general expenses Interest expense Total expenses Net Income $ $ $ $ $ 170,000 11,200 181,200 37,800 un Family Supermarkets Ltd. Balance Sheet December 31, 2021 de % Assets Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets es sinis $ $ $ $ $ 2019 80,000 22,000 63,000 10,000 175,000 Property, plant and equipment, net Total Assets $ $ 140,000 315,000 Liabilities Family Supermarkets Ltd. Balance Sheet December 31, 2021 % Assets Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets 2019 80,000 22,000 63,000 10,000 175,000 $ $ $ $ $ ilusis Property, plant and equipment, net Total Assets $ $ 140,000 315,000 Liabilities Accounts Payable Income Taxes Payable Other liabilities Total Current Liabilities Long Term Debt Total Liabilities usiness $ $ $ $ $ 25,000 3,000 130,000 158,000 19,200 177,200 Shareholder Equity Common Shares Retained Earning Total Shareholders Equity Total Liabilities & Shareholder's Equity $ $ $ 100,000 37,800 137,800 $ 315,000