P3.1 Present in the proper form a comparative horizontal analysis of the cor- porate balance sheet shown below. Comment on any items of difference that you consider significant. Assets Year 0007 Year 0008 Current Assets Cash Credit card receivables Accounts receivable Vending inventories Prepaid expenses Total Current Assets $ 11,300 4,500 11,100 7,500 4,200 $ 38,600 $ 15,400 6,300 18,900 8,400 4,100 $ 53,100 Property Plant & Equipment Land Building Furnishings Equipment Accumulated depreciation Glassware, linen inventories Net Property and Equipment Total Assets $ 81,200 758,100 83,712 90,688 (315,500) 12,200 $710,400 $749,000 $ 81,200 795,300 93,412 90,688 (335,800) 15,300 $740,100 $793,200 Liabilities & Stockholders' Equity Current Liabilities Accounts payable Accrued expenses payable Taxes payable Current portion, mortgage payable Total Current Liabilities $ 9,200 4,150 12,150 13,500 $ 39,000 $ 12,200 4,900 15,500 11,200 $ 43,800 Long-Term Liabilities Mortgage payable Total Liabilities $423,800 $462,800 $412,300 $456,100 Stockholders' Equity Capital stock Retained earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity $125,200 161,000 $286,200 $749,000 $145,200 191,900 $337,100 $793,200 P3.2 Using the information shown in P3.1, complete a common-size vertical balance sheet analysis in proper form for Year 0007 and Year 0008. Com- ment on any changes you consider significant