! Required information P13-5 (Algo) Computing Differences and Comparing Financial Statements Using Percentages LO 13-3, 13- 6 [The following information applies to the questions displayed below.] The comparative financial statements for Prince Company are below: Income statement: Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet: Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Year 2 Year 1 $190,100 $167,600 113,300 101,500 76,800 66,100 57,800 54,800 19,000 11,300 5,700 3,390 $ 13,300 $ 5,300 14,600 40,900 46,200 $107,000 $ 7,910 $ 6,800 18,000 32,900 37,100 $ 94,800 Long-term liabilities (10 interest) Common stock ($5 par value, 5,600 shares outstanding) Retained earnings Total liabilities and stockholders' equity $ 15,100 45,000 28,000 18,900 $107,000 $ 16,100 45,000 28,000 5,700 $ 94,800