The comparative condensed income statements of Emley Corporation are shown below.

Instructions
(a) Prepare a horizontal analysis of the income statement data for Emley Corporation using 2014 as a base. (Show the amounts of increase or decrease.)
(b) Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for bothyears.

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EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 Net sales Cost of goods sold Gross profi Operating expenses Net income 2015 $660,000 483,000 177,000 125,000 52,000 2014 600,000 420,000 180,000 120,000 S 60,000