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Exercise 14-6 Here are the comparative income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $709,000 $591,000 Cost of goods sold 555,856 482,847 Gross profit 153,144 108,153 Operating expenses 97,842 55,554 Net income $ 55,302 (a) Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease.) (Enter negative either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%) DELANEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2020 2020 2019 Amount Percentage Net sales $709,000 $591,000 Cost of goods sold 555,856 482,847 Gross profit 153,144 108,153 Operating expenses 97,842 55,554 Net income $55,302 $52,599 (b) Prepare a vertical analysis of the income statement data for Delaney Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.3%) Condensed Income Statements 2020 2019 Percent Amount Percent Amount Net sales $709,000 $591,000 Cost of goods sold 555,856 482,847 Gross profit 153,144 108,153 Operating expenses 97,842 55,554 $ 52,599 $ 55,302 Net income C o uld like to show Work for this question: Open Show Work

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