P12-2 (Algo) Analyzing Comparative Financial Statements by Using Component Percentages and Selected Ratios LO12-5, 12-7, 12-10 The comparative financial statements prepared at December 31, year 2, for Goldfish Company showed the following summarized data: Statement of Earnings Sales revenue Cost of sales Gross profit Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of Financial Position Cash Accounts receivable (net) Inventory Year 2 Year 1 $241,700 $205,000 181,850 153,000 59,850 52,000 45,510 40,500 14,340 11,500 3,610 2,700 $ 10,730 $ 8,800 $ 4,230 $ 8,500 17,450 21,000 44,480 39,000 Property, plant, and equipment (net) Current liabilities (no interest) Long-term debt (interest rate: 10%) Common shares (6,000 shares) Retained earningst 45,500 $111,660 $ 13,780 38,500 $107,000 $ 16,500 39,000 43,150 30,000 30,000 24,730 21,500 $111,660 $107,000 *One-third was credit sales. *During Year 2, cash dividends amounting to $7,500 were declared and paid. Required: 1. Present component percentages for Year 2 only. (Input all amounts as positive values. Round the final answers to the nearest whole percent. Percentages may not add exactly due to rounding.) Statement of earnings: Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Component Percentages Year 2 % % 0% % 0% % 0% Income tax expense Net earnings Statement of financial position: Cash % Accounts receivable (net) % Inventory % Property, plant, and equipment (net) % Total assets 0% Current liabilities % Long-term liabilities % Common shares % Retained earnings % Total liabilities and shareholders' equity 0%