Req 1Req 2AIncome StatementSales RevenueCost of Goods SoldGross ProfitComplete the two final columns shown beside each item in Pinnacle Plus's comparative financial statements. (Decreases shouldbe indicated by a minus sign. Round percentage values to 1 decimal place.)Operating ExpensesInterest ExpenseIncome before Income Tax ExpenseIncome Tax Expense (30%)Net IncomeBalance SheetCashAccounts Receivable, NetInventoryProperty and Equipment, NetTotal AssetsReq 2BAccounts PayableIncome Tax PayableNotes Payable (long-term)Total LiabilitiesCommon Stock (par $10)Retained EarningsTotal Liabilities and Stockholders' Equity$$PINNACLE PLUSHorizontal Analysis$$CurrentYear130,00056,00074,00031,0003,00040,00012,00028,000$ 76,90019,00024,00094,000213,90046,0003,00030,00079,00086,00048,900$ 213,900PreviousYear$ 113,00050,00063,00029,0003,00031,0009,30021,700$ 42,60012,00036,000100,000181,00037,0001,50030,00068,50086,00026,500$ 181,000$$$$$$$Increase (Decrease)in the Current year (versusPrevious year)PercentageAmount17,0006,00011,0002,00009,0002,7006,30043,960 x7,000(12,000)(6,000)32,960 x9,0001,560 X010,560 X022,40032,960 x15.012.017.56.90.029.029.029.0%%%%%%%%132.0 × %58.3%(33.3)%(6.0)%18.2%%24.386.7 X %0.0 %15.5 X %0.0%84.518.2%

The Statement of Financial Position -The statement of financial position is the position of the…

Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net Total Assets Accounts Payable Income Tax Payable Notes Payable (long-term) Total Liabilities Common Stock (par $10) Retained Earnings $ PINNACLE PLUS Horizontal Analysis $ 130,000 56,000 74,000 31,000 3,000 40,000 12,000 28,000 $ 76,900 19,000 24,000 94,000 $ 213,900 $ 46,000 3,000 30,000 79,000 86,000 48,900 Total Liabilities and Stockholders' Equity $ 213,900 Current Year Previous Year $ 113,000 50,000 63,000 29,000 3,000 31,000 9,300 $ 21,700 $ $ $ 42,600 12,000 36,000 100,000 $ 181,000 $ $ 37,000 $ 1,500 30,000 68,500 86,000 26,500 $ 181,000 $ $ Increase (Decrease) in the Current year (versus Previous year) Percentage Amount 17,000 6,000 11,000 2,000 0 9,000 2,700 6,300 43,960 X 7,000 (12,000) (6,000) 32,960 X 9,000 1,560 X 0 10,560 X 0 22,400 32,960 X 15.0 % 12.0 % 17.5 % 6.9 % 0.0 % 29.0 % 29.0 % 29.0 % 132.0 58.3 (33.3) (6.0) 18.2 % % % % % 24.3 % 86.7 X % 0.0 % 15.5 X % 0.0 % 84.5 18.2 %

Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net Total Assets Accounts Payable Income Tax Payable Notes Payable (long-term) Total Liabilities Common Stock (par $10) Retained Earnings $ PINNACLE PLUS Horizontal Analysis $ 130,000 56,000 74,000 31,000 3,000 40,000 12,000 28,000 $ 76,900 19,000 24,000 94,000 $ 213,900 $ 46,000 3,000 30,000 79,000 86,000 48,900 Total Liabilities and Stockholders' Equity $ 213,900 Current Year Previous Year $ 113,000 50,000 63,000 29,000 3,000 31,000 9,300 $ 21,700 $ $ $ 42,600 12,000 36,000 100,000 $ 181,000 $ $ 37,000 $ 1,500 30,000 68,500 86,000 26,500 $ 181,000 $ $ Increase (Decrease) in the Current year (versus Previous year) Percentage Amount 17,000 6,000 11,000 2,000 0 9,000 2,700 6,300 43,960 X 7,000 (12,000) (6,000) 32,960 X 9,000 1,560 X 0 10,560 X 0 22,400 32,960 X 15.0 % 12.0 % 17.5 % 6.9 % 0.0 % 29.0 % 29.0 % 29.0 % 132.0 58.3 (33.3) (6.0) 18.2 % % % % % 24.3 % 86.7 X % 0.0 % 15.5 X % 0.0 % 84.5 18.2 %

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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