The following information for Runner Furniture, a retail furniture and design firm. Runner Furniture Balance Sheets December 31 2021 December 31 2020 Assets $40,947 569,740 5,109,530 83,269 5,803,486 1,103,967 $6,907,453 $53,472 446,055 4,858,080 78,746 5,436,353 1,101,740 $6,538,093 Current assets: Cash Accounts receivable Inventory Prepaid expenses Total current assets Building and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Bank loan payable Other accrued payables Total current liabilities Long-term debt Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $606,369 673,104 214,945 1,494,418 1,728,019 3,222,437 $626,252 627,390 313,996 1,567,638 1,787,082 3,354,720 1,360,340 2,324,676 3,685,016 $6,907,453 1,360,340 1,823,033 3,183,373 $6,538,093 Year Ended December 31, 2020 $5,213,840 2,611,132 2,602,708 Runner Furniture Statement of Earnings Year Ended December 31, 2021 Net sales $5,595,697 Cost of goods sold 2,858,020 Gross margin 2,737,677 Operating expenses: Selling expenses 502,120 General and administrative expenses 829,910 Total operating expenses 1,332,030 Operating income 1,405,647 Interest expense 138,108 Income before taxes 1,267,539 Income taxes 253,508 Net income $1,014,031 632,780 788,946 1,421,726 1,180,982 159,512 1,021,470 204,294 $817,176 Perform a horizontal analysis of the balance sheets for Runner Furniture. (Round percentage change answers to 1 decimal place, e.g. 5.2%. If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -5.25% or (55,000), (5.25%).) December 31, 2021 Runner Furniture Balance Sheets December 31, 2020 Amount Change Percent Change Assets Current assets: Cash $40,947 $53,472 $ % Accounts receivable 569,740 446,055 % Inventory 5,109,530 4,858,080 % Prepaid expenses 83,269 78,746 % Total current assets 5,803,486 5,436,353 % Building and equipment, net 1,103,967 1,101,740 % Total assets $6,907,453 $6,538,093 $ % Liabilities and Stockholders' Equity Current liabilities: Accounts payable $606,369 $626,252 $ % Bank loan payable 673,104 627,390 % Other accrued payables 214,945 313,996 % Total current liabilities 1,494,418 1,567,638 % Long-term debt 1,728,019 1,787,082 % Total liabilities 3,222,437 3,354,720 % Stockholders' equity: Common stock 1,360,340 1,360,340 % Retained earnings 2.324,676 1,823,033 % Total stockholders' equity 3,685,016 3,183,373 % Total liabilities and stockholders' equity $6,907,453 $6,538,093 $ % Perform a horizontal analysis of income statements for Runner Furniture. (Round percentage change answers to 1 decimal place, e.g. 5.2%. If amount and percentage are a decrease show the numbers as negative, e.g. -55,000,-5.25% or (55,000), (5.25%).) Runner Furniture Statement of Earnings Year Ended Year Ended December December 31, 31, 2021 2020 Percent Change Change Net sales $5,595,697 $5,213,840 % Cost of goods sold 2,858,020 2,611,132 % Gross margin 2,737,677 2,602,708 % Operating expenses: Selling expenses 502,120 632.780 % General and administrative expenses 829,910 788,946 % Total operating expenses 1,332,030 1,421,726 % Operating income 1,405,647 1,180,982 % Interest expense 138,108 159,512 % Income before taxes 1,267,539 1,021,470 % Income taxes 253,508 204,294 % Net income $1,014,031 $817,176 %