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. 21.61% should be entered as 22%). Karde Inc. Balance Sheet As at February 28 2019 2018 $ Change % Change Current Assets Cash $316,900 $326,100 $ % Accounts Receivable $153,400 $ 193,600 $ % Merchandise Inventory $373,500 $408,600 $ % Short-Term Investments $85,700 $115,300 $ % Total Current Assets $929,500 $1,043,600 $ % Noncurrent Assets $ 163,000 $264,100 $ % Total Assets $1,092,500 $1,307,700 $ % Current Liabilities $195,600 $228,100 $ % Long-Term Liabilities $59,100 $97,900 $ Contact us! Total Liabilities $254,700 $326,000 $ % Total Liabilities $254,700 $326,000 $ % Stockholders' Equity $837,800 $981,700 $ % Total Liabilities and Equity $1,092,500 $1,307,700 $ % 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 28 2019 Sales $697,000 % Cost of Goods Sold $243,950 % Gross Profit $453,050 % Operating Expenses Administrative Expense $20,600 % Selling Expense $79,900 % Total Operating Expenses $100,500 % Other Income and Expenses Interest Expense $19,300 % Income Before Income Tax $333,250 % Income Tax Expense $99,975 % Net Income $233,275