Vertical Analysis of Comparative Financial Statements Amounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are as follows: Miller Electronics Corporation Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 20-1 Net Sales (all on account) st of goods sold Gross profit Administrative expenses Selling expenses Total operating expenses Operating income Interest expense Income before income taxes $659,560 383,600 $275,960 $62,072 67,436 $129,508 $146,452 1,337 $145,115 30,801 $114,314 $423,260 250,450 $172,810 $41,257 44,345 $85,602 $87,208 1,245 $85,963 13,490 72,473 ncome tax expense Net income Miller Electronics Corporation Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 20-1 Assets urrent assets: Cash Receivables (net) Merchandise inventory Supplies and prepayments $42,041 74,510 91,143 3,797 $211,491 $21,583 47,770 50,275 1,190 $120,818 Total current assets operty, plant, and equipment: Office equipment (net) Factory equipment (net) Total property, plant, and equipment $12,175 104,420 $116,595 $328,086 $8,480 70,870 $79,350 200,168 Total assets Liabilities