Use the negative sign for negative values. Round all percentages to 2 decimal places. Sapphire Inc. Balance Sheet As at April 30 2023 2022 $ Change % Change Current Assets Cash $333,900 $327,500 $ % Accounts Receivable $223,400 $180,400 $ % Merchandise Inventory $374,700 $397,300 $ % Short-Term Investments $79,000 $106,800 $ % Total Current Assets $1,011,000 $1,012,000 $ de % Cash Accounts Receivable Merchandise Inventory Short-Term Investments $333,900 $327,500 $ $223,400 $180,400 $ $374,700 $397,300 $ $79,000 $106,800 $ % % de % de Total Current Assets $1,011,000 $1,012,000 $ % Long-Term Assets $409,000 $260,800 $ % Total Assets $1,420,000 $1,272,800 $ % O Current Liabilities $210,400 $248,800 $ % Long-Term Liabilities $17,700 $56,100 $ % Total Liabilities $228,100 $304,900 $ % Shareholders' Equity $1,191,900 $967,900 $ % Total Liabilities and Equity $1,420,000 $1,272,800 $ % Total Liabilities and Equity $1,420,000 $1,272,800 $ % b) Perform a vertical analysis of the income statement for 2023, stating all income statement items as a percentage of net sales. Sapphire Inc. Income Statement For the Year Ended December 31 2023 Sales $718,000 % Cost of Goods Sold $394,900 % Gross Profit $323,100 de % Operating Expenses Advertising Expense $4,200 de % Utilities Expense $7,900 % Rent Expense $4,200 de % Salaries and Wages Expense $47,900 % 0 Utilities Expense $7,900 % Rent Expense $4,200 de % Salaries and Wages Expense $47,900 % Depreciation Expense $32,700 % Interest Expense $8,700 % Total Expenses $105,600 % % de % $65,250 $152,250 % Income Before Income Tax $217,500 Income Tax Expense Net Income 0