Project 2 Analyzing Comparative Financial Statements Using Selected Ratios TCC Audio declared and paid a cash dividend of $5,525 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Increase (Decrease) in Current (versus Previous) Amount Percentage Current Previous Income Statement Sales Revenue $ 222,000 $ 185,000 Cost of Goods Sold 127,650 111,000 Gross Profit 94,350 74,000 Operating Expenses 39,600 33,730 Interest Expense 4,000 3,270 Income before Income Tax Expense 50,750 37,000 Income Tax Expense (30%) $15,225 $11,100 Net Income $35,525 $25,900 Balance Sheet Cash 40,000 38,000 Accounts Receivables, Net Inventory Property and Equipment, Net Total Assets 18,500 16,000 25,000 22,000 127,000 119,000 210,500 195,000 Accounts Payable $ 27,000 $ 25,000 Income Tax Payable 3,000 2,800 Note Payable (Long-Term) 75,500 92,200 Total Liabilities $105,500 $120,000 Common Stock (par $1) 25,000 25,000 Retained Earnings 80,000 50,000 $ 195,000 Total Liabilities and Stockholder's Equity $ 210,500 Required: 1. Calculate the two final columns shown beside each item in TCC Audis's comparative financial statements. (Round the precentages to two decimal places.) Points: Each ratio has 30 points - Question 1 has total 60 points 2. Which account increased by the largest dollar amount? Which account increased by the lartest precentage? Points: Question 2 has total 40 points