The financial statements of The North West Company Inc. are presented in Appendix A at the end of this book. The following selected condensed information (in thousands) has been taken from these, and the prior years', financial statements:

Instructions
(a) Using horizontal analysis, calculate the percentage of the base-year amount for the information shown above, assuming 2014 is the base year.
(b) Using vertical analysis, calculate the percentage of a base amount for each of the
(1) Income statement and
(2) Statement of financial position, shown above for each year.
(c) Comment on any significant changes you observe from your calculations in parts (a) and (b).

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Year Ended January 31 2016 2015 2014 Income statement Sales Cost of goods sold Gross profit Selling, operating, and administrative expes ncome from operations Interest expense Income tax expense Net income Statement of Financial Position Current assets Non-current assets Current liabilities Non-current liabilities Shareholders' equity $1,796,035 $1,624,400 $1,543,125 1,273,421 1,160,182 1,088,071 522,614 464,218 455,054 354,994 97,466 100,060 7,784 28,013 69,779 $ 62,883 64,263 415,293 366,752 107,321 6,210 31,332 6,673 27,910 $ 335,581 $ 315,840$ 299,071 458,214 408,459 371,441 155.501 146,275 209,738 280,682248,741 138,334 357,612 329,283 322,440