The comparative financial statements for Prince Company are below:

(The following information applies to the questions displayed below.) The comparative financial statements for Prince Company are below: Year 2 Year 1 $ 190,000 112,000 78,000 56,000 22,000 8,000 $ 14,000 $ 167,000 100,000 67,000 53,000 14,000 4,000 $ 10,000 Income statement: Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet: Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (10% interest) Common stock ($5 par value, 6,000 shares outstanding) Retained earnings Total liabilities and stockholders' equity 4,000 14,000 40,000 45,000 $ 103,000 $ 16,000 45,000 30,000 12,000 $ 103,000 $ 7,000 18,000 34,000 38,000 $ 97,000 $ 17,000 45,000 30,000 5,000 $ 97,000 2. By what amount did the current ratio change? (Round your intermediate calculations and final answer to 2 decimal places.) Current ratio change Required: 1. Complete the following columns for each item in the preceding comparative financial statements: (Round your percentage answers to 2 decimal places. (i.e., 0.1234 should be entered as 12.34). Decreases should be indicated by a minus sign.) Answer is complete but not entirely correct. PRINCE COMPANY Income Statement At December 31, Year 2 Increase (Decrease) Year 2 over Year 1 Amount Percent Sales revenue $ 190,000 100.00 % Cost of goods sold 112,000 58.95 % Gross profit 78,000 41.05 % Operating expenses and interest expense 56,000 29.47 % % Pretax income 22,000 X 11.58 X % Income tax 8,000 4.21 % % Net income $ 14,000 7.37 % Answer is complete but not entirely correct. PRINCE COMPANY Balance Sheet At December 31, Year 2 Increase (Decrease) Year 2 over Year 1 Amount Percent Cash 4,000 3.88 % Accounts receivable (net) 14,000 13.59 X % Inventory 40,000 38.83 % % Property and equipment (net) 45,000 43.69 % Total Assets $ 103,000 100.00 % Current liabilities (no interest) $ 16,000 15.53 % Long-term liabilities (10% interest) 45,000 43.69 Common stock ($5 par value, 6,000 shares 30,000 29.13 outstanding) Retained earnings 12,000 11.65 % Total Liabilities & Equity $ 103,000 100.00 %