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

a) Use horizontal analysis techniques to compare the changes between 2018 and 2017 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. 21.61% should be entered as 22%).

Karde Inc. Balance Sheet As at November 30
	2018	2017	$ Change	% Change
Current Assets
Cash	$337,300	$328,100	$Answer	Answer%
Accounts Receivable	$136,900	$167,300	$Answer	Answer%
Merchandise Inventory	$441,900	$419,800	$Answer	Answer%
Short-Term Investments	$135,600	$120,000	$Answer	Answer%
Total Current Assets	$1,051,700	$1,035,200	$Answer	Answer%
Noncurrent Assets	$123,500	$259,700	$Answer	Answer%
Total Assets	$1,175,200	$1,294,900	$Answer	Answer%
Current Liabilities	$286,700	$255,800	$Answer	Answer%
Long-Term Liabilities	$109,900	$72,400	$Answer	Answer%
Total Liabilities	$396,600	$328,200	$Answer	Answer%
Stockholders Equity	$778,600	$966,700	$Answer	Answer%
Total Liabilities and Equity	$1,175,200	$1,294,900	$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 November 30
	2018
Sales	$691,000	Answer%
Cost of Goods Sold	$310,950	Answer%
Gross Profit	$380,050	Answer%
Operating Expenses
Administrative Expense	$28,500	Answer%
Selling Expense	$78,000	Answer%
Total Operating Expenses	$106,500	Answer%
Other Income and Expenses
Interest Expense	$15,100	Answer%
Income Before Income Tax	$258,450	Answer%
Income Tax Expense	$77,535	Answer%
Net Income	$180,915	Answer%