P12-1 Analyzing Comparative Financial Statements by Using Percentages LO12-5 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 margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Cash Statement of Financial Position Accounts receivable (net) Inventory Year 2 Year 1 $300,770* $255,000 246,650 208,000 54,120 47,000 38,520 34,500 15,600 12,500 4,250 3,200 $ 11,350 $ 9,300 $ 4,680 $ 9,400 20,780 25,000 50,200 44,000 41,380 35,000 $117,040 Property, plant, and equipment (net) Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) Retained earningst $ 17,960 43,030 $113,400 $ 21,800 39,500 36,000 36,000 20,050 16,100 $117,040 $113,400