Variance % 1. Income Statement (use Horizontal Analysis) 2019 Net Sales 120,000 COGS 30,000 Gross Profit 90,000 2020 180,000 35,000 145,000 Salaries Expense Depreciation Expense Legal Expenses Supplies Expense Insurance Expense Utilities Expense TOTAL EXPENSES 45,000 25,000 10,000 1,000 800 500 82,300 48,000 33,000 6,000 1,500 1,000 800 90,300 NET INCOME (LOSS) 7,700 54,700 0 0.00% 2. Do vertical analysis for year 2020 % Net Sales COGS Gross Profit 2020 180,000 35,000 145,000 Salaries Expense Depreciation Expense Legal Expenses Supplies Expense Insurance Expense Utilities Expense TOTAL EXPENSES NET INCOME (LOSS) 48,000 33,000 6,000 1,500 1,000 800 90,300 54,700