Perform the Horizontal Analysis for the income statement given below:

List out the differences between balance sheet and income statement in table format

Sales 2008 ($) 1,498,000 1,043,000 2007 ($) 1,200,000 820,000 Cost of goods sold Gross profit 455,000 380,000 Selling expenses General expenses 191,000 104,000 147,000 97,400 Total operating expenses 295,000 244,400 Operating income Other income 160,000 8,500 135,600 11,000 168,500 6,000 Other expenses 146.600 12,000 Income before income tax Income tax 162,500 71,500 134,600 58,100 Net income 91,000 76,500