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

a$)$ Use horizontal analysis techniques to compare the changes between $2021$ and $2020$ 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 $22\%).$

Jade Inc.

Balance Sheet

As at May $31$

$20212020$ $ Change $\%$ Change

Current Assets

Cash $$316,600$ $$329,700$ $Answer

Answer

$\%$

Accounts Receivable $$149,700$ $$189,400$ $Answer

Answer

$\%$

Merchandise Inventory $$381,500$ $$404,500$ $Answer

Answer

$\%$

Short$-$Term Investments $$135,600$ $$107,200$ $Answer

Answer

$\%$

Total Current Assets $$983,400$ $$1,030,800$ $Answer

Answer

$\%$

Noncurrent Assets $$204,500$ $$327,800$ $Answer

Answer

$\%$

Total Assets $$1,187,900$ $$1,358,600$ $Answer

Answer

$\%$

Current Liabilities $$251,500$ $$208,400$ $Answer

Answer

$\%$

Long$-$Term Liabilities $$103,900$ $$68,300$ $Answer

Answer

$\%$

Total Liabilities $$355,400$ $$276,700$ $Answer

Answer

$\%$

Stockholders$$ Equity $$832,500$ $$1,081,900$ $Answer

Answer

$\%$

Total Liabilities and Equity $$1,187,900$ $$1,358,600$ $Answer

Answer

$\%$

b$)$ Perform a vertical analysis of the income statement for $2021,$ stating all income statement items as a percentage of net sales.

Jade Inc.

Income Statement

For the Year Ended May $31$

$2021$

Sales $$684,000$ Answer

$\%$

Cost of Goods Sold $$376,200$ Answer

$\%$

Gross Profit $$307,800$ Answer

$\%$

Operating Expenses

Administrative Expense $$28,700$ Answer

$\%$

Selling Expense $$60,600$ Answer

$\%$

Total Operating Expenses $$89,300$ Answer

$\%$

Other Income and Expenses

Interest Expense $$19,600$ Answer

$\%$

Income Before Income Tax $$198,900$ Answer

$\%$

Income Tax Expense $$59,670$ Answer

$\%$

Net Income $$139,230$ Answer

$\%$