Category Prior year Current year Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200 13,500 Additional paid in capital 200,000 216,660 Cash ??? ??? Common Stock @ par value 37,600 42,000 COGS 131,400 172,821.00 Depreciation expense 21,600 22,090.00 Interest expense 16,200 16,239.00 Inventories 111,600 115,200 Long-term debt 135,000 138,684.00 Net fixed assets 377,828.00 399,600 Notes payable 59,400 64,800 Operating expenses (excl. depr.) 50,400 62,705.00 Retained earnings 122,400 136,800 Sales 255,600 337,242.00 Taxes 9,900 18,984.00 What is the entry for the current year's cost of goods sold on a common-sized income statement? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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#3 O
Category
Prior year
Current
year
Accounts payable
41,400
45,000
Accounts receivable
115,200
122,400
Accruals
16,200
13,500
Additional paid in capital
200,000
216,660
Cash
???
???
Common Stock @ par value
37,600
42,000
COGS
131,400
172,821.00
Depreciation expense
21,600
22,090.00
Interest expense
16,200
16,239.00
Inventories
111,600
115,200
Long-term debt
135,000
138,684.00
Net fixed assets
377,828.00
399,600
Notes payable
59,400
64,800
Operating expenses (excl.
depr.)
50,400
62,705.00
Retained earnings
122,400
136,800
Sales
255,600
337,242.00
Taxes
9,900
18,984.00
What is the entry for the current year's cost of goods
sold on a common-sized income statement?
Submit
Answer format: Percentage Round to: 2 decimal places
(Example: 9.24%, % sign required. Will accept decimal
format rounded to 4 decimal places (ex: 0.0924))
Transcribed Image Text:#3 O Category Prior year Current year Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200 13,500 Additional paid in capital 200,000 216,660 Cash ??? ??? Common Stock @ par value 37,600 42,000 COGS 131,400 172,821.00 Depreciation expense 21,600 22,090.00 Interest expense 16,200 16,239.00 Inventories 111,600 115,200 Long-term debt 135,000 138,684.00 Net fixed assets 377,828.00 399,600 Notes payable 59,400 64,800 Operating expenses (excl. depr.) 50,400 62,705.00 Retained earnings 122,400 136,800 Sales 255,600 337,242.00 Taxes 9,900 18,984.00 What is the entry for the current year's cost of goods sold on a common-sized income statement? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))
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