Saudi Aramco has provided the following data:

Income Statement (Year Ended December 31, 2023):

Sales Revenue: SAR 10,000,000
 Cost of Goods Sold: SAR 4,000,000
 Gross Profit: SAR 6,000,000
 Operating Expenses: SAR 2,500,000
 Net Income: SAR 3,500,000

Balance Sheet (End of Year):

Assets:

• Cash: SAR 2,000,000
• Accounts Receivable: SAR 3,000,000
• Inventory: SAR 1,500,000
• Total Assets: SAR 6,500,000

Liabilities:

• Accounts Payable: SAR 1,800,000
• Loans Payable: SAR 2,500,000
• Total Liabilities: SAR 4,300,000

Owner's Equity:

• Common Stock: SAR 1,000,000
• Retained Earnings: SAR 1,200,000
• Total Owner's Equity: SAR 2,200,000

a) Prepare a horizontal analysis of the income statement.

b) Create a vertical analysis of the balance sheet.

c) Compute the debt-to-equity ratio for Saudi Aramco.