Response to the following questions:
1. Using the January 1 and December 31, 2007, data given in Question 10, answer the following question. If Milliken paid $22,500 of dividends during 2007, what was the amount of net income for 2007?
2. In Chapter 1, we described and illustrated horizontal analysis.
(a) What is the difference between horizontal and vertical analysis?
(b) Can horizontal and vertical analysis be used together in analyzing a company?