Prepare a horizontal analysis of the following comparative income statement of The Ruby Group. The Ruby Group

Prepare a horizontal analysis of the following comparative income statement of The Ruby Group.

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The Ruby Group Income Statement For the Years Ended December 31, 2017 and 2016 (amounts in thousands) 2017 458,800 S 209,820 248,980 $ 95,670 153,310 $ 4,250 149,060 $ 16,420 132,640 S 4 2016 400,000 195,000 205,000 90,000 115,000 3,125 111,875 11,875 100,000 6 Sales revenues 7 Less: Cost of goods sold Gross profit 8. 9 Less: Operating expenses 10 Operating Income 11 Less: Interest expense 12 Income before Income taxes 13 Less: Income tax expense 14 Net Income 15