P12-1 Analyzing Comparative Financial Statements by Using Percentages L012-5 The comparative financial statements prepared at December 31, 2017, for Goldfish Company showed the following summarized data: 2017 2016 Statement of Earnings Sales revenue Cost of sales $ 241,700* 181,850 $205,000 153,000 Gross margin Operating expenses and interest expense 59,850 45,510 52,000 40,500 Earnings before income taxes Income tax expense 14,340 3,610 11,500 2,700 Net earnings $ 10,730 $ 8,800 $ Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) 4,230 17,450 44,480 45,500 $ 8,500 21,000 39,000 38,500 $ 111,660 $107,000 Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) Retained earningst $ 13,780 43,150 30,000 24,730 $ 16,500 39,000 30,000 21,500 $ 111,660 $107,000 *One-third was credit sales. During 2017, cash dividends amounting to $7,500 were declared and paid. Required: 1. Complete the following columns for each item in the preceding 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).): Increase (Decrease) 2017 over 2016 Amount Percentage 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 liabilities Common shares Retained earnings By what amount did working capital change? Change in working capital What was the percentage change in the average income tax rate? (Round intermediate calculations and final answer to 2 decimal places.) Percentage change What was the amount of cash inflow from revenues for 2017? Amount of cash inflow What was the percentage change for the average markup realized on sales? (Round intermediate calculations and final answer to 1 decimal place.) Percentage change