This Test: 100 pts This Question: 8 pts 23 of 24 (19 completel Y Below is the comparative income statement of C. Gabel, Inc. BEB(Click the icon to view the comparative income statement) Requirements 1. Prepare a horizontal analysis of the comparative statement 2. Why did net income increase by a higher percent than total revenues increased during 2016 income statement of C. Gabel, Inc. Round percentage changes to the nearest tenth of a percent Requirement 1. Prepare a horizontal analysis of the comparative income statement of C. Gabel, Inc. Round percentage changes to the nearest tenth of a percent, XX% (Use a minus sign or parentheses for a decrease.) C. Gabel, Inc. Horizontal Analysis of Comparative Income Statement Years Ended December 31, 2016 and 2015 Increase (Decrease) 2016 2015 Amount Percentage 499,000S 411,100 Expenses Cost of goods sold Seling and general expenses Interest expense Income tax expense Total expenses Net income 252.000 233,000 25.800119,800 2500 39,800 395 100 S 69,700 $16.000 6,000 5,500 429.300 Requirement 2 Why did net income increase by a higher percent than total revenues increased during 20167 Net income increased by a higher percentage than total revenues during 2016 because increased at a higher rate than did for a decrease.) C. Gabel, Inc. Horizontal Analysis of Comparative Income Statement Years Ended December 31, 2016 and 2015 s sign or Increase (Decrease) Amount Percentage 2016 2015 $ 499,000$ 411,100 1% 252,000233,000 Data Table C. Gabel, Inc. Comparative Income Statement Years Ended December 31, 2016 and 2015 did net income by a higher perc 2016 2015 rate than c S 499,000 $ 411,100 Revenue Expenses: Cost of goods sold Selling and general expenses Interest expense Income tax expense Total expenses Net income 252,000233,000 125,800 119,800 6,000 2,500 45,500 39,800 429,300 395,100 69,700 16,000 Print Done edit fields and then continue to the next