The following financial statements are taken from the records of Jade Inc.

a$)$ Use horizontal analysis techniques to compare the changes between $2022$ and $2021$ balance sheet items.

Do not enter dollar signs or commas in the input boxes.

Use the negative sign for negative values.

Round all answers to $2$ decimal places.

Jade Inc.

Balance Sheet

As at September $30$

$20222021\%$ Change

Current Assets

Cash $$314,000$ $$327,900$ Answer

$\%$

Accounts Receivable $$125,800$ $$167,200$ Answer

$\%$

Inventory $$426,200$ $$393,500$ Answer

$\%$

Short$-$Term Investments $$88,700$ $$111,400$ Answer

$\%$

Total Current Assets $$954,700$ $$1,000,000$ Answer

$\%$

Other Assets $$149,500$ $$264,500$ Answer

$\%$

Total Assets $$1,104,200$ $$1,264,500$ Answer

$\%$

Current Liabilities $$265,700$ $$226,400$ Answer

$\%$

Long$-$Term Debt $$128,200$ $$92,300$ Answer

$\%$

Total Liabilities $$393,900$ $$318,700$ Answer

$\%$

Shareholders$$ Equity $$710,300$ $$945,800$ Answer

$\%$

Total Liabilities and Equity $$1,104,200$ $$1,264,500$ Answer

$\%$

b$)$ Perform a vertical analysis of the income statement for $2022,$ stating all income statement items as a percentage of net sales.

Jade Inc.

Income Statement

For the Year Ended September $30$

$2022$

Sales $$702,000$ Answer

$\%$

Cost of Goods Sold $$245,700$ Answer

$\%$

Gross Profit $$456,300$ Answer

$\%$

Operating Expenses

Advertising Expense $$4,700$ Answer

$\%$

Bank Charges Expense $$5,900$ Answer

$\%$

Communication Expense $$6,800$ Answer

$\%$

Depreciation Expense $$5,600$ Answer

$\%$

Professional Fees Expense $$7,800$ Answer

$\%$

Rent Expense $$6,200$ Answer

$\%$

Repairs and Maintenance Expense $$7,100$ Answer

$\%$

Salaries and Wages Expense $$79,000$ Answer

$\%$

Transportation Expense $$6,900$ Answer

$\%$

Utilities Expense $$4,700$ Answer

$\%$

Total Operating Expenses $$134,700$ Answer

$\%$

Net Income $$321,600$ Answer

$\%$