The following financial statements are taken from the records of Jade Inc. a) Use horizontal analysis techniques to compare the changes between 2020 and 2019 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 2 decimal places. Jade Inc. Balance Sheet As at March 31 2020 2019 $ Change % Change Current Assets Cash $315,500 $321,400 $Answer -5900 Answer -1.84 % Accounts Receivable $154,600 $183,900 $Answer -29300 Answer -15.92 % Merchandise Inventory $365,800 $402,800 $Answer -37000 Answer -9.19 % Short-Term Investments $92,000 $119,100 $Answer -27100 Answer % Total Current Assets $927,900 $1,027,200 $Answer -99300 Answer -9.67 % Long-Term Assets $139,000 $283,200 $Answer -144200 Answer -50.92 % Total Assets $1,066,900 $1,310,400 $Answer -243500 Answer % Current Liabilities $244,500 $213,700 $Answer 30800 Answer % Long-Term Liabilities $92,900 $53,100 $Answer 39800 Answer % Total Liabilities $337,400 $266,800 $Answer 70600 Answer % Shareholders Equity $729,500 $1,043,600 $Answer -314100 Answer -30.10 % Total Liabilities and Equity $1,066,900 $1,310,400 $Answer -243500 Answer % b) Perform a vertical analysis of the income statement for 2020, stating all income statement items as a percentage of net sales. Jade Inc. Income Statement For the Year Ended December 31 2020 Sales $690,000 Answer 100.00 % Cost of Goods Sold $310,500 Answer 45.00 % Gross Profit $379,500 Answer 55.00 % Operating Expenses Advertising Expense $4,900 Answer 0.71 % Utilities Expense $7,100 Answer 1.03 % Rent Expense $4,200 Answer 0.61 % Salaries and Wages Expense $48,400 Answer 7.02 % Depreciation Expense $36,000 Answer 5.22 % Interest Expense $8,000 Answer 1.16 % Total Expenses $108,600 Answer 15.75 % Income Before Income Tax $270,900 Answer 39.25 % Income Tax Expense $81,270 Answer 11.78 % Net Income $189,630 Answer 27.47