View Policies Current Attempt in Progress The following information for Steering Furniture, a retall furniture and design firm. Steering Furniture Balance Sheets December 31 2022 December 31 2020 Assets Current assets: Cash $40.986 $53,433 Accounts receivable 566,100 440.118 Inventory 5.114,420 4,828.767 Prepaid expenses 83.075 77.286 Total current assets 5.804 581 5,399,604 Building and equipment, net 1,098.187 1.099 200 Total assets $6.902768 $6,498,804 Liabilities and Stockholders Equity Current liabilities: Accounts payable $598.275 $624 814 Bank loan payable 682.573 629.760 Other accrued payables 211.755 311221 1492.803 1.565.795 Total current liabilities Long-term debt 1.742.947 1.803.443 Total liabilities 3.235.550 3.369.238 Stockholders' equity Common stock 1360,399 1.360.399 Retained earnings 2306819 1.769.167 Total stockholders' equity 3.667.218 3.129.556 Total abilities and stockholders' equity $6.902.768 $6.498.800 Statement of Earnings Year Ended December 31, 2021 Year Ended December 31, 2020 Net sales $5,537,591 $5,300,246 Cost of goods sold 2,852,780 2,607,142 Gross margin 2,684,811 2,693,104 Operating expenses: Selling expenses 505,039 629.550 General and administrative expenses 837.510 794,881 Total operating expenses 1,342,549 1,424,431 Operating income 1,342.262 1.268,673 Interest expense 140,169 159,542 Income before taxes 1,202,093 1,109,131 Income taxes 240.419 221,826 Net income $961.674 $887,305 1a Perform a horizontal analysis of the balance sheets for Steering Furniture. (Round percentage change answers to 1 decimel place, as. 52x amount and percentage ore a decrease show the numbers as negative.es: -55.000, -5.25% or (55,000), (5.25%;} Steering Furniture Balance Sheets December 31. 2020 Change December 31 Amount Pel ch 2021 Assets Current assets Cash $40.986 $53,433 $ Accounts receivable 566,100 440.118 Inventory 5,114420 4,828,767 Prepaid expenses 83,075 77.286 Total current assets 5.504581 5.399.604 Building and equipment, net 1,098,187 1.099,200 Total assets $6.902.768 $6,498,804 $ Liabilities and Stockholders' Equity Current liabilities Accounts payable 5598,275 $624 814 $ Bank loan payable 682,573 629.760 TH Other accrued payables 211.755 311.221 Total current liabilities 1492.603 1,565.795 Long-term debt 1.742.947 1803,443 Total abilities 3.235.550 3.369,238 Stockholders' culty Common stock 1,360.399 1,360,399 Retained earnings 2,306,819 1,769.167 Total stockholders uit 3.867,216 3129.566 Total liabilities and stockholders equity $6.902.768 $6.498,104 3 Performa horizontal analysis of the balance sheets for Steering Furniture (Round percentage change answers to 1 decimal place, es 5.2% / amount and percentage are a decrease show the numbers as negotivees-55.000 -5.25% or (55.000). (5.2533) Steering Furniture Balance Sheets December December Amount Percent 31 2021 2020 Change Change $40.986 $53,433 $ ivable 566,100 440.118 5.114420 4,828,767 ses 83.075 77.286 5,804 581 5.399.604 ipment.net 1.098.187 1.099 200 $6,902,768 $6.498,804 5 tockholders' Equity ble $598.275 5624,814 5 682573 629,760 Dayables 211.755 311.221 sites 1497.603 1.565.795 1.742,947 1,803.443 3.235.550 3.369.238 Mity 1360.399 1,360399 2,306,819 1.769.167 3.607210 2,129,566 and stockholders' equity 54.902760 56.49104 Perform a horizontal analysis of income statements for Steering Furniture. (Round percentage change answers to 1 decimal place, es 5.2%. If amount and percentage are a decrease show the numbers as negative, eg. -55,000, -5.25% or (55,000). (5.25%)) Steering Furniture Statement of Earnings Year Ended Year Ended December December 31, 31. 2021 2020 Change Percen Chane Net sales $5,537,591 $5,300,246 Cost of goods sold 2,852,780 2.607.142 Gross margin 2,684,811 2,693,104 Operating expenses Selling expenses 505.039 629,550 General and administrative expenses 837,510 794,881 Total operating expenses 1,342,549 1,424 431 Operating income 1,342.262 1.268.673 Interest expense 140,169 159,542 Income before taxes 1,202,093 1,109.131 Income taxes 240,419 221,826 Net Income $961,674 $887.305 Perform a horizontal analysis of income statements for Steering Furniture. (Round percentage change answers to 1 decimal place, eg. 5.2%. If amount and percentage are a decrease show the numbers as negative, eg.-55,000,-5.25% or (55,000), (5.25%)) Year Ended December 31. 2021 Steering Furniture Statement of Earnings Year Ended December 31, 2020 Percent Change Change $5,537,591 $5,300.246 96 Is sold 2,852,780 2,607,142 96 2,684,811 2,693,104 96 penses: enses 505,039 629.550 96 id administrative expenses 837,510 794,881 56 sting expenses 1,342.549 1,424,431 % come 1,342.262 1,268,673 % Ense 140,169 159,542 X re taxes 1,202,093 1.109.131 96 240,419 221,826 $961,674 $887,305