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 Chinook Company are below \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ CHINOOK COMPANY } \\ \hline \multicolumn{4}{|c|}{ Income Statement } \\ \hline & \multicolumn{3}{|c|}{ Increase (Decrease) } \\ \hline & \multicolumn{3}{|c|}{ from Year 1 to Year 2} \\ \hline & Amount & \multicolumn{2}{|l|}{ Percent } \\ \hline Sales revenue & $23,400 & 87.74 & % \\ \hline Cost of goods sold & 11,800 & 89.56 & % \\ \hline Gross profit & 11,600 & 85.13 & % \\ \hline Operating expenses and interest expense & 3,000 & 94.70 & % \\ \hline Pretax income & 8,600 & 59.81 & % \\ \hline Income tax & 2,580 & 59.81 & % \\ \hline Net income & 6,020 & 59.81 & % \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ CHINOOK COMPANY } \\ \hline \multicolumn{4}{|c|}{ Balance Sheet } \\ \hline & \multicolumn{3}{|c|}{ Increase (Decrease) } \\ \hline & \multicolumn{3}{|c|}{ from Year 1 to Year 2} \\ \hline & Amount & \multicolumn{2}{|l|}{ Percent } \\ \hline Cash & (700) & 12.28 & % \\ \hline Accounts receivable (net) & (2,000) & 12.27 & % \\ \hline Inventory & 8,300 & 79.56 & % \\ \hline Property and equipment (net) & 10,300 & 77.80 & % \\ \hline Total Assets & 15,900 & 85.04 & % \\ \hline Current liabilities (no interest) & (1,000) & 6.25 & % \\ \hline Long-term liabilities (interest rate: 9% ) & 02 & 0.00 & % \\ \hline Common stock ( $5 par value, 5,700 shares outstanding) & 02 & 0.00 & % \\ \hline Retained earnings & 16,900 & 6.11 & % \\ \hline Total liabilities and stockholders' equity & 15,900 & 85.04 & % \\ \hline \end{tabular} Current ratio change