PA13-2 Analyzing Comparative Financial Statements Using Selected Ratios [LO 13-4, LO 13-5] The comparative financial statements prepared at December 31 for Pinnacle Plus showed the followingg summarized data Current Year Previous Year Income Statement Sales Revenue Cost of Goods Sold $210,000 92,000 $179,000 88,000 Gross Profit Operating Expenses Interest Expense 118,000 56,000 6,000 91,000 49,000 6,000 Income before Income Tax Expense Income Tax Expense (30%) 56,000 16,800 36,000 10,800 Net Income $ 39,200 S 25,200 Balance Sheet Cash Accounts Receivable. Net Inventory Property and Equipment, Net $ 95,600$ 18,000 32,000 58,000 125,000 37,000 45,000 115,000 Total Assets $292,600 $233,000 Accounts Payable Income Tax Pavable Note Payable (long-term) $62,000 33,000 1,500 60,000 1,500 60,000 Total Liabilities Common Stock (par $10) Retained Earnings 123,500 102,000 67,100 94,500 102,000 36,500 Total Liabilities and Stockholders Equity $292,600 233,000 During the current year, cash dividends amounting to $8,600 were declared and paid