omplete the two final columns shown beside each item in Tiger Audio’s comparative financial statements. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) TIGER AUDIO Horizontal Analysis Increase (Decrease) in Current (versus Previous) Current Previous Amount Percentage Income Statement Sales Revenue $226,000 $186,600 % Cost of Goods Sold 131,650 113,400 % Gross Profit 94,350 73,200 % Operating Expenses 41,200 34,530 % Interest Expense 4,800 3,990 % Income before Income Tax Expense 48,350 34,680 % Income Tax Expense (30%) 14,505 10,404 % Net Income $33,845 $24,276 % Balance Sheet Cash $30,320 $32,640 % Accounts Receivable, Net 19,700 16,800 % Inventory 26,200 22,800 % Property and Equipment, Net 135,000 123,000 % Total Assets $211,220 $195,240 % Accounts Payable $28,600 $26,200 % Income Tax Payable 3,800 3,440 % Note Payable (long-term) 76,300 90,600 % Total Liabilities 108,700 120,240 % Common Stock (par $1) 29,000 29,000 % Retained Earnings 73,520 46,000 % Total Liabilities and Stockholders’ Equity $211,220 $195,240 %

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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omplete the two final columns shown beside each item in Tiger Audio’s comparative financial statements. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.)

TIGER AUDIO
Horizontal Analysis
			Increase (Decrease) in Current (versus Previous)
	Current	Previous	Amount	Percentage
Income Statement
Sales Revenue	$226,000	$186,600			%
Cost of Goods Sold	131,650	113,400			%
Gross Profit	94,350	73,200			%
Operating Expenses	41,200	34,530			%
Interest Expense	4,800	3,990			%
Income before Income Tax Expense	48,350	34,680			%
Income Tax Expense (30%)	14,505	10,404			%
Net Income	$33,845	$24,276			%
Balance Sheet
Cash	$30,320	$32,640			%
Accounts Receivable, Net	19,700	16,800			%
Inventory	26,200	22,800			%
Property and Equipment, Net	135,000	123,000			%
Total Assets	$211,220	$195,240			%
Accounts Payable	$28,600	$26,200			%
Income Tax Payable	3,800	3,440			%
Note Payable (long-term)	76,300	90,600			%
Total Liabilities	108,700	120,240			%
Common Stock (par $1)	29,000	29,000			%
Retained Earnings	73,520	46,000			%
Total Liabilities and Stockholders’ Equity	$211,220	$195,240			%

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