Using the Balance Sheet found below, perform a horizontal analysis.

Based on the inferences you make from your horizontal analysis, discuss any improvements and/or changes that may have occurred since the prior year. Consider addressing the items that the Board of Directors requested information on throughout the project: (1) Accounts Receivables and the process for uncollectible accounts; (2) Payroll Liabilities as well as other Current or Long-Term liabilities; and (3) the types of investments held by ABC Company. Keep in mind the intended audience of your presentation.

C COMPANY BALANCE SHEET At December 31,20X2 and December 31,20X1 20X1 Dollar Change % Change 20X2 Assets Current Assets Cash and cash equivalents Trading Secuities 182,225 143,010 48,000 39,600 Accounts receivable 28,000 19,500 Allowance for doubtful accounts 5,000) (2,900) Accounts receivable, net 23,000 16,600 2,450 3,600 Inventories Prepaid expenses and other receivables 200 750 14,005 234,165 Available-for-sale securities 17,750 Total current assets 296,625 299,050 Property, plant and equipment, net 304,550 Intangible Assets 300 300 Total assets 601 475 533515 Liabilities and Shareholders' Equity Current Liabilities Salaries Payable FICA-Social Security Taxes Payable FICA-Medicare Taxes Payable 85,000 10,540 2,465 8,500 61,950 7,682 1,797 6,000 Employee Federal Income Taxes Payable State Unemployment Taxes Payable Federal Unemployment Taxes Payable Notes payable Accounts payable 756 540 84 60 $ 24,000 or current portion of long-term debt 24,000 17,050 119,079 14,030 Total current liabilities 145,375 Long-term debt 104,400 128,400 Total liabilities 249,775 247,479 Shareholders' equity Common stock, $10 per value; 50,000 shares authorized, 20,000 shares issued and outstanding Retained earnings 200,000 200,000 86,036 151,700 Total shareholders' equity 351,700 601,475 286,036 Total liabilities and shareholders' equity 533515