P12-1 (Algo) Analyzing Comparative Financial Statements by Using Percentages (Horizontal Analysis) LO12-6 The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data: Statement of Earnings Sales revenue Cost of sales Gross profit Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities (no interest) Long-term debt (interest rate: 10%) Common shares (6,000 shares) Retained earningst Year 2 Year 1 $336,240* $285,000 285,560 241,000 50,680 44,000 33,460 30,200 17,220 13,800 5,510 4,200 $ 11,710 $ 9,600 $ 4,380 $ 8,800 18,280 52,460 34,270 $109,390 $ 12,550 39,830 22,000 46,000 29,000 $105,800 $ 15,200 38,800 30,000 30,000 27,010 21,800 $109,390 $105,800 *One-third was credit sales. During Year 2, cash dividends amounting to $6,500 were declared and paid. Required: 1. Complete the following columns for each item in the comparative financial statements (Negative answers should be indicated by a minus sign. Round percentage answers to 2 decimal places, i.e., 0.1243 should be entered as 12.43.): Statement of earnings: Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of financial position: Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities Long-term debt Common shares Retained earnings Increase (Decrease) Year 2 over Year 1 Amount Percentage 0 0 $ 0 $ 0 $ 0