Foreman Company provided income statements for the past five years. In looking at the percentage columns for each year, you notice that sales are 46 percent higher in Year 5 than in Year
1. Foreman has most likely provided
a. a horizontal analysis using year 1 as the base year.
b. a vertical analysis using sales as the base.
c. a horizontal analysis using the prior period as the base year.
d. a vertical analysis using net income as the base.
e. none of the above.