income statements for thornton company for year 3 and year 4 follow. thornton company income statements year 4 year 3 sales $201,000 $181,000 cost of goods sold 143,900 121,900 selling expenses 20,500 18,500 administrative expenses 12,600 14,600 interest expense 3,700 5,700 total expenses $180,700 $160,700 income before taxes 20,300 20,300 income taxes expense 5,300 3,700 net income $15,000 $16,600 required perform a horizontal analysis, showing the percentage change in each income statement component between year 3 and year 4. perform a vertical analysis, showing each income statement component as a percentage of sales for each year.
