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P 1 2 - 1 ( Algo ) Analyzing Comparative Financial Statements by Using Percentages ( Horizontal Analysis ) L 0 1 2 - 6

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P12-1(Algo) Analyzing Comparative Financial Statements by Using Percentages (Horizontal Analysis) L012-62-b. What was the percentage change in the income tax rate? (Round intermediate calculations and final answer to 2 decimal
places.)
Percentage change
increase
increase
2-c. What was the amount of cash collections from customers in year 2?
Amount of cash inflow
2-d. What was the change for the gross profit margin ratio? (Round intermediate calculations and final answer to 1 decimal place.)
The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data:
\table[[,Year 2,Year 1],[Statement of Earnings],[Sales revenue,$229,710**,$195,000],[Cost of sales,168,760,142,000],[Gross profit,60,950,53,000],[Operating expenses and interest expense,46,870,41,700],[\table[[Earnings before income taxes],[Income tax expense]],\table[[14,080],[3,480]],\table[[11,300],[2,600]]],[Net earnings,$10,600,$8,700],[\table[[Statement of Financial Position],[Cash],[Accounts receivable (net)],[Inventory],[Property, plant, and equipment (net)]],\table[[3,970],[17,000],[43,280],[46,030]],\table[[8,000],[20,500],[38,000],[39,000]]],[Property, plant, and equipment (net),$110,280,$105,500],[Current liabilities (no interest),\bar ($14,230),$17,000],[Long-term debt (interest rate: 10%),46,150,41,000],[Common shares (6,000 shares),30,000,30,000],[Retained earningst,19,900,17,500],[$110,280,$105,500]]
*One-third was credit sales.
During Year 2, cash dividends amounting to $8,200 were declared and paid.
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