FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data: Year 2 Year 1 Statenent of Earnings Sales revenue $380,678* $320, e00 320, 270 60, 400 268, 000 52, 000 Cost of sales Gross nargin Operating expenses and interest expense Earnings before income taxes Income tax expense 41,030 19,370 36, 600 15,400 7,448 $ 11,930 5,700 $ 9,700 Net earnings Statenent of Financial Position $ 4,110 15, 13е 43,718 $ 8,100 18, 000 38, 200 21, 800 Cash Accounts receivable (net) Inventory Property, plant, and equipnent (net) 25,020 $ 87,970 $ 14,530 35,310 18, 200 $ 85, 100 $ 17,600 34, 100 18, e00 Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6, 200 shares) Retained earningst 20, 130 $ 87,970 15, 480 85, 100 *One-third was credit sales. tDuring Year 2, cash dividends amounting to $7,200 were declared and pald. Required: 1. Complete the following columns for each item in the preceding comparative financial statements (Negative answers should be indicated by a minus sign. Round percentage answers to 2 decimal places (l.e., 0.1243 should be entered as 12.43).): Increase (Decrease) Year 2 over Year 1 Аmount Percentage Statement of earnings: Sales revenue Cost of sales Gross margin Operating expenses and interest expense Eamings before income taxes Income tax expense Net earnings Statement of financial position: Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities Long-term debt Common shares Retained earnings
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Transcribed Image Text:The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data: Year 2 Year 1 Statenent of Earnings Sales revenue $380,678* $320, e00 320, 270 60, 400 268, 000 52, 000 Cost of sales Gross nargin Operating expenses and interest expense Earnings before income taxes Income tax expense 41,030 19,370 36, 600 15,400 7,448 $ 11,930 5,700 $ 9,700 Net earnings Statenent of Financial Position $ 4,110 15, 13е 43,718 $ 8,100 18, 000 38, 200 21, 800 Cash Accounts receivable (net) Inventory Property, plant, and equipnent (net) 25,020 $ 87,970 $ 14,530 35,310 18, 200 $ 85, 100 $ 17,600 34, 100 18, e00 Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6, 200 shares) Retained earningst 20, 130 $ 87,970 15, 480 85, 100 *One-third was credit sales. tDuring Year 2, cash dividends amounting to $7,200 were declared and pald. Required: 1. Complete the following columns for each item in the preceding comparative financial statements (Negative answers should be indicated by a minus sign. Round percentage answers to 2 decimal places (l.e., 0.1243 should be entered as 12.43).): Increase (Decrease) Year 2 over Year 1 Аmount Percentage Statement of earnings: Sales revenue Cost of sales Gross margin Operating expenses and interest expense Eamings before income taxes Income tax expense Net earnings Statement of financial position: Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities Long-term debt Common shares Retained earnings
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