CP13-2 Analyzing Comparative Financial Statements Using Selected RatIos L0 13-4, L0 13-5 The comparative financial statements prepared at December 31 for Golden Corporation showed the following summarized data Current Previous Income Statement Sales revenue Cost of goods sold $210,000 $189,000 112,000 122,000 Gross profit Operating expenses Interest expense 88,000 59,300 3,300 77,000 55,200 3,200 Income before income taxes Income tax expense 25,400 7,620 18,600 3,600 Net income $17,780 $15,000 Balance Sheet Cash Accounts receivable (net) Inventory Property and equipment (net) $ 4,680 25,000 46,000 51,000 8,600 26,000 41,000 44,000 $126,680 $119,600 Current liabilities Note payable (long-term) Common stock (par $5) Additional paid-in capital Retained earnings* $15,500 23,200 51,000 33,600 5,600 6,200 51,000 33,600 6,200 20,380 $126,680 $119,600 *During the current vear, cash dividends of $3,600 were declared and paid