=+2. To the extent the data permit, comment on the significant relationships revealed by the hori¬

zontal analysis prepared in (1).

P9-2 Vertical analysis for income statement Obj 1 SPREADSHEET V 1. Net income, 2007, 8.0%

For 2008, Dusan Water Supplies Inc. initiated a sales promotion campaign that included the expenditure of an additional $21,000 for advertising. At the end ofthe year, Ivana Novatna, the president, is presented with the following condensed comparative income statement: