Chapter 13 Hw PA13-1 Analyzing Financial Statements Using Horizontal Analyses [L13-2, LO 13 The comparative financial statements prepared at December 31 for Pinnacle Plus showed the following summarized data: Required 1. Complete the two final columns shown beside each item in Pinnacle Plus's comparative financial statements. (Decreases should be Indicated by a minus sign. Round your percentage values to 1 decimal place.) Horizontal Analysis Increase (Decrease) in the Current year (versus Previous year) Current Year Previous Year Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income S 115,000 S 102,500 48,500 54,000 34.250 4,500 15.250 4,575 10,675 53,000 62,000 38,500 4,500 19.000 5.700 S 13,300 S Balance Sheet Cash 71,200 38.000 11,000 39,000 107,500 S 210.200 S 195,500 S 43.000 S35.500 1,000 45,000 81.500 86.000 28,000 Accounts Receivable, Net 18,000 25,500 95,500 Property and Equipment, Net Total Assets Accounts Payable Income Tax Payable Note Payable (long-term) Total Liabilties Common Stock (par $10) Retained Eamingst Total Liablities and Stockholders Equity S 210.200 S 195.500 tDuring the current year, cash dividends amounting to $7.100 were declared and paid 43,000 Tax Payable 2.000 45.000 90,000 86,000 34,200