Question 7 of 10 < > View Policies Current Attempt in Progress Here are the comparative condensed income statements of Sheffield Corporation. Sheffield Corporation Condensed Income Statements For the Years Ended December 31 2022 2021 Net sales $768,000 $645,000 Cost of goods sold 599,040 520,515 Gross profit 168,960 124,485 Operating expenses 105,216 62,340 Net income $63,744 $62,145 (a) -/10 Prepare a horizontal analysis of the income statement data for Sheffield Corporation, using 2021 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45. -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.) SHEFFIELD CORPORATION Condensed Income Statements 2022 2021 Net sales $768,000 $645,000 S Cost of goods sold 599,040 520,515 Gross profit 168,960 124,485 Operating expenses 105.216 62.340 Net income $63,744 $62,145 S Amount Increase or (Decrease) During 2022 Percentage % % % %