P 13 - 6 Analyzing Comparative Financial Statements Using Percentage ( AP 13 -5 ) The comparative financial statements prepared at december 31 2015 , for Prince Company showed the following summarized data FED 2014 Income statement Sales Revenue 5 190,000 5 167 000 Cost of goods sold 5 112,000 5 100 , 000 Gross Profi 78 000 5 67000 Operating expenses and interest expense 56, 000 5 53 000 Pretax Income 22 000 5 14.000 Income Tax 8000 5 4.000 Net Income 14000 5 10.000 Balance Sheet Cash 4, 000 5 7000 Account Receivables 14, 000 5 18.000 Inventory 40 000 5 34. 000 Operational Assets ( net ) 45, 000 5 38000 5 103, 000 5 97.000 Current Liabilities ( no interest ) 16 000 5 17 000 Long-term liabilities ( 10% interest ) 45000 5 45,000 common stock ( par $5 ) 30. 000 5 30 090 Retained Earnings 12 000 5 5090 5 103, 000 5 97 000 one third was credit sales