The comparative condensed income statements of Emley Corporation are shown below. EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2015 2014 Net sales $660,000 $600,000 Cost of goods sold 483,000 420,000 Gross profit 177,000 180,000 Operating expenses 125,000 120,000 Net income $52,000 $60,000 Prepare a horizontal analysis and a vertical analysis for both 2015 and 2014 of the income statement data for Emley Corporation using 2014 as a base. (Show the amounts of increase or decrease and round to 1 decimal)...(2) points each EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 Horizontal 2015 Vertical 2014 Vertical 2015 2014 Amount Percentage Percent Percent Net sales $660,000 $600,000 Cost of goods sold 483,000 420,000 Gross profit 177,000 180,000 Operating expenses 125,000 120,000 Net income $52,000 $60,000 Calculate the (2) Ratios below: ...(5) points each CABOT CORPORATION Balance Sheet December 31, 2017 Liabilities and Equity 10,000 Accounts payable 8,400 Accrued wages payable 29,200 Income taxes payable 4,500 Long-term note payable, secured 32,150 by mortgage on plant assets 2,650 Common stock 153,300 Retained earnings 240,200 Total liabilities and equity Assets Cash Short-term investments Accounts receivable, net Notes receivable (trade)* Merchandise inventory Prepaid expenses Plant assets, net Total assets 17,500 3,200 3,300 63,400 90,000 62,800 240,200 A. Current ratio B. Acid-test ratio