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Exercise 13-06 Here are the comparative income statements of Carla Vista Corporation. CARLA VISTA CORPORATION Comparative Income Statement For the Years Ended December 31 2022 $610,300 448,800 2021 $540,600 426,200 Net sales Cost of goods sold Gross Profit Operating expenses Net income 161,500 76,400 $ 85,100 114,400 48,100 $ 66,300 Prepare a horizontal analysis of the income statement data for Carla Vista Corporation, using 2021 as a base. (If a or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CARLA VISTA CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 Amount Percentage 2022 2021 Net sales $610,300 $540,600 Cost of goods sold 448,800 426,200 Gross Profit 161,500 114,400 Operating expenses 76,400 48,100 Net income $ 85,100 $ 66,300 (b) Prepare a vertical analysis of the income statement data for Carla Vista Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) CARLA VISTA CORPORATION Condensed Income Statements 2022 Percent 2021 Percent $ $540,600 Net sales $610,300 % Cost of goods sold 448,800 426,200 Gross Profit 161,500 114,400 Operating expenses 76,400 % 48,100 Net income $ 85,100 % $ 66,300 Click if you would like to Show Work for this question: Open Show Work

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