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 Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Year 2 Year 1 $ 324,420* $ 275,000 272,590 230,000 51,830 35, 110 31,600 16, 720 13, 400 5,130 3,900 11,590 $ 4,480 19, 120 54,760 36,650 $115, UTU s 9,000 23,000 48,000 31,000 $111,000 Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) Retained earningst 10,760 13,000 39,660 38,600 42,000 42.000 22,590 17,400 $115, 010 $1,000 *One-third was credit sales. During Year 2, cash dividends amounting to $6,400 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 (.e., 0.1243 should be entered as 12.43).): Increase (Decrease) Year 2 over Year 1 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 debt Common shares Retained earnings 2-a. By what amount did working capital change? Change in working capital 2-a. By what amount did working capital change? Change in working capital 2-b. What was the percentage change in the income tax rate? (Round intermediate calculations and final answer to 2 decimal places.) Percentage change % 2-c. What was the amount of cash collections from customers in year 2? Amount of cash inflow 2-d. What was the percentage change for the markup realized on sales? (Round intermediate calculations and final answer to 1 decimal place.) Percentage change %