Complete the horizontal and vertical analysis for the income statement and balance sheet below Please use Excel formulas and proper cell referencing MC Tutoring Plus Income Statement July $31,20$X$1$ MC Tutoring Plus Income Statement July $31,20$X$1$ Account $20$X$620$XS Vertical Horizontal Analysis Change Horizontal Analysis $\%$ Change Account $20$X$620$X$5$ Analysis $20$X$6$ Sales $87,95075,84032,15043,69013,02075,84032,15030,520$ SalesCost of goods sold Gross profit Selling expenses General and administrative expenses Total operating expenses Operating income Other income $,$ net Net income $7,95030,52057,43015,1508,49023,64033,7905,00038,7908,290$ Cost of goods sold Gross profit Selling expenses General and administrative expenses Total operating expenses Operating income Other income $,$ net $57,43015,1508,49023,64033,79021,31022,38043,69013,0208,29021,31022,3803,50025,8803,50025,880$ Net income $5,00038,790$ MC Tutoring Plus Balance Sheet July $31,20$X$1$ MC Tutoring Plus Balance Sheet July $31,20$X$1$ Account $20$X$620$X$5$ Horizontal Analysis Change Horizontal Analysis $\%$ Change Account $20$X$6$ Vertical Analysis $20$X$620$X$5$ CashAccounts receivable $238,50030,450238,500125,84032,15087,86030,450125,84032,15087,86095,200245,850232,000245,850232,00095,200364,150234,00055,400178,600542,75036,000139,600364,150234,00055,400178,60050,300181,700$ Marketable securities Total current assets Plant assets Accumulated depreciation Total plant assets Total assets Accounts payable Notes payable Total liabilities Common stock Additional paid $-$ in capital Retained earnings Total liabilities and equity CashAccounts receivable Marketable securities Total current assets Plant assets Accumulated depreciation Total plant assets Total assets Accounts payable Notes payable Total liabilities Common stock Additional paid $-$ in capital Retained earnings Total liabilities and equity $50,300181,700427,550427,55038,400120,900159,300542,75036,00038,400175,600120,900139,600175,60020,00020,00015,000159,300150,00015,000150,00090,000197,150542,75090,000163,250427,550197,150542,750163,250427,550$