SHERIDAN CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $634,000 $568,100 Cost of goods sold 459,200 430,800 Gross Profit 174,800 137,300 Operating expenses 77,300 40,900 Net income $ 97,500 $ 96,400 (a) Prepare a horizontal analysis of the income statement data for Sheridan Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) SHERIDAN CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 Amount Percentage 2022 2021 Net sales $634,000 $568,100 $ % Cost of goods sold 459,200 430,800 % Gross Profit 174,800 137,300 % Operating expenses 77,300 40,900 % Net income $ 97,500 $ 96,400 $ % (b) Prepare a vertical analysis of the income statement data for Sheridan Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) SHERIDAN CORPORATION Condensed Income Statements 2022 Percent 2021 Percent $ $ Net sales $634,000 % $568,100 % Cost of goods sold 459,200 430,800 Gross Profit 174,800 % 137,300 % Operating expenses 77,300 % 40,900 Net income $ 97,500 % $ 96,400