The following financial statements are taken from the records of Karde Inc. a$)$ Use horizontal analysis techniques to compare the changes between $2019$ and $2018$ balance sheet items. Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Round all percentages to the nearest whole number $($i$.$e$.21\mathrm{.}61\%$ should be entered as $22\%).$ Karde Inc. Balance Sheet As at February $2820192018$ $ Change $\%$ Change Current Assets Cash $$316,900$ $$326,100$ $Answer Answer$\%$ Accounts Receivable $$153,400$ $$193,600$ $Answer Answer$\%$ Merchandise Inventory $$373,500$ $$408,600$ $Answer Answer$\%$ Short$-$Term Investments $$85,700$ $$115,300$ $Answer Answer$\%$ Total Current Assets $$929,500$ $$1,043,600$ $Answer Answer$\%$ Noncurrent Assets $$163,000$ $$264,100$ $Answer Answer$\%$ Total Assets $$1,092,500$ $$1,307,700$ $Answer Answer$\%$ Current Liabilities $$195,600$ $$228,100$ $Answer Answer$\%$ Long$-$Term Liabilities $$59,100$ $$97,900$ $Answer Answer$\%$ Total Liabilities $$254,700$ $$326,000$ $Answer Answer$\%$ Stockholders$$ Equity $$837,800$ $$981,700$ $Answer Answer$\%$ Total Liabilities and Equity $$1,092,500$ $$1,307,700$ $Answer Answer$\%$ b$)$ Perform a vertical analysis of the income statement for $2018,$ stating all income statement items as a percentage of net sales. Karde Inc. Income Statement For the Year Ended February $282019$ Sales $$697,000$ Answer$\%$ Cost of Goods Sold $$243,950$ Answer$\%$ Gross Profit $$453,050$ Answer$\%$ Operating Expenses Administrative Expense $$20,600$ Answer$\%$ Selling Expense $$79,900$ Answer$\%$ Total Operating Expenses $$100,500$ Answer$\%$ Other Income and Expenses Interest Expense $$19,300$ Answer$\%$ Income Before Income Tax $$333,250$ Answer$\%$ Income Tax Expense $$99,975$ Answer$\%$ Net Income $$233,275$ Answer$\%$