Question 4 of 8 6/12 III View Policies Show Attempt History Current Attempt in Progress Here are the comparative income statements of Splish Brothers Corporation. SPLISH BROTHERS CORPORATION Comparative Income Statements For the Years Ended December 31 December 31, 2022 Net sales $666,000 Cost of goods sold 443,000 Gross profit 223,000 Operating expenses 143,000 Net income $80,000 December 31, 2021 $555,000 411,000 144,000 106,000 $38,000 a (a) Your answer is correct. Prepare a horizontal analysis of the income statement data for Splish Brothers Corporation using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, eg.-55,000, -12.1% or (55,000), (12.1%). Round percentages to 1 decimal place, eg. 12.1%.) LISH BROTHERS CORPORATION mparative Income Statements the Years Ended December 31 Increase or (Decrease) During 2022 December 31, 2022 December 31, 2021 Amount Percentage t sales $666,000 $555,000 $ 111000 20 st of goods sold 443,000 411,000 32000 7.8 oss profit 223,000 144,000 79000 54.9 lerating expenses 143,000 106,000 37000 34.9 t income $80,000 $38,000 42000 110.5 eTextbook and Media Attempts: 2 of 3 used Using multiple attempts will impact your score. 5% score reduction after attempt 2 (b) Prepare a vertical analysis of the income statement data for Splish Brothers Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) SPLISH BROTHERS CORPORATION Comparative Income Statements For the Years Ended December 31 2022 2021 $ Percent Percent Net sales $666,000 % $555.000 % Cost of goods sold 443,000 % 411,000 % Gross profit 223,000 % 144,000 % Operating expenses 143,000 % 106,000 % Net income $80,000 % $38,000 % e Textbook and Media Attempts: 0 of 3 used Submit Answer Save for Later Using multiple attempts will impact your score. 5% score reduction after attempt 2