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: Year 2 Year 1 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) $336, 240* 285,560 50,680 33,460 17,220 5,510 $ 11,710 $285,000 241,000 44,000 30, 200 13,800 4,200 $ 9,600 $ 4,380 18,280 52,460 34,270 $ 109, 390 $ 12,550 39,830 30,000 27,010 $ 109,390 $ 8,800 22,000 46,000 29,000 $105,800 $ 15,200 38,800 30,000 21,800 $ 105,800 Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) Retained earningst *One-third was credit sales. During Year 2, cash dividends amounting to $6,500 were declared and paid. 2-b. What was the percentage change in the income tax rate? (Round intermediate calculations and final answer to 2 decimal places.) Answer is complete but not entirely correct. Percentage change 5.71 X % increase 2-c. What was the amount of cash collections from customers in year 2? Answer is complete and correct. Amount of cash inflow 339,960 2-d. What was the percentage change for the markup realized on sales? (Round intermediate calculations and final answer to 1 decimal place.) Answer is complete but not entirely correct. Percentage change 5.7 X % decrease