2 P12-2 Analyzing Comparative Financial Statements by Using Percentages and Selected Ratios LO12-5, 12-6, 12-9 10 points The comparative financial statements prepared at December 31, year 2, for Goldfish Company showed the following summarized data: X 02:17:19 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 $288,950* $245,000 233, 680 197,000 55,270 48,000 39,920 35,700 15,350 12,300 4,130 3,100 $ 11,220 $ 9,200 $ 4,789 19, 120 49,060 43, 150 $116, 110 15, 220 40,670 42,000 18, 220 $116, 110 $ 9,600 23,000 43,000 36,500 $112,100 $ 18,400 37,400 42,000 14,300 $112, 100 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 $7,300 were declared and paid. Ream to question 2 Answer is complete but not entirely correct. Debt-to-equity ratio 1.09 Bad 10 polres 02:17:34 2-f. Return on assets. Assume that long-term debt increased to $40.670 in month 1 of year 2. (Round intermediate calculations to 3 decimal places and percentage answer to 2 decimal places (l.e., 0.1243 should be entered as 12.43).) Answer is complete but not entirely correct. Return an assets 16.72 % 2-g. Return on equity. (Round percentage answer to 2 decimal places (i.e., 0.1243 should be entered as 12.43).) Answer is complete but not entirely correct. Return an equily 36.56 X 2 h. Financial leverage percentage, Did borrowing from creditors benefit shareholders? (Round intermediate calculations and final answer to 2 decimal places.) Answer is complete but not entirely correct. Financial leverage percentage 96.63% Yes Screenshot