According to Muller (2011), balance sheet provides insights that can be used by the management to interpret financial statements. Whereas the income statement provides the accounting information for a specified period, the balance sheet provides financial and accounting data for a specified moment (Wilcox & Fabozi, 2013). One of the useful ways to analyze financial statement is by the use of either vertical analysis or horizontal analysis since they help the financial experts to compare the financial performance from companies with different sizes.