Find in Amount ($) and Percentage(%) for Year 2 over Year 1:Income Statement -(a) Sales Revenue(b) Cost of sales(c) Gross Margin Year 2Year 1Income StatementSales revenue$324,420* $275,000272,590Cost of salesGross marginOperating expenses and interest expenseEarnings before income taxesIncome tax expense230,00045,00031,60013,40051,83035,11016,7205,1303,900Net earnings$ 11,590$ 9,500Statement of Financial PositionCash4,480 h$ 9,00019,12054,76036,650$4Accounts receivable (net)InventoryProperty, plant, and equipment (net)23,00048,00031,000$ 115,010$111,000Current liabilitiesNon-current liabilitiesCommon sharesRetained earningst$ 10,76039,66042,00022,590$ 115,010$ 13,00038,60042,00017,400$111,000*One-third was credit sales.tDuring Year 2 , cash dividends amounting to $6.400 were declared and paid.

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Description: Find in Amount ($) and Percentage(%) for Year 2 over Year 1:Income Statement -(a) Sales Revenue(b) Cost of sales(c) Gross Margin Year 2Year 1Income StatementSales revenue$324,420* $275,000272,590Cost of salesGross marginOperating expenses and intere

Horizontal analysis of financial statements: In horizontal analysis of financial statement, the…

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Business

Accounting

Find in Amount ($) and Percentage(%) for Year 2 over Year 1: Income Statement - (a) Sales Revenue (b) Cost of sales (c) Gross Margin

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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