Dont uplode image in answer P12-2 Analyzing Comparative Financial Statements by Using Percentages and Selected Ratios LO12-5,12-6, 12-9The comparative financial statements prepared at December 31, year 2, for Goldfish Company showed the following summarized data:Statement of EarningsSales revenueCost of sales.Gross marginOperating expenses and interest expenseEarnings before income taxes.Income tax expenseNet earningsStatement of Financial PositionCashAccounts receivable (net)InventoryProperty, plant, and equipment (net)Current liabilities (no interest)Non-current liabilities (10% interest)Common shares (6,000 shares)Retained earningstYear 2$356,820* $300,000294,100246,00062,72042,85019,8708,190$ 11,680 $$4,060 $14,29041,41050,050$109,810$ 14,32041,710Year 130,00023,780$109,81054,00038,20015,8006,3009,5008,00017,00036,00042,000$103,000$ 16,70038,70030,00017,600$103,000*One-third was credit sales.+During Year 2, cash dividends amounting to $5,500 were declared and paid. 2-f. Return on assets. Assume that long-term debt increased to $41,710 in month 1 of year 2. (Roundintermediate calculations to 3 decimal places and percentage answer to 2 decimal places (i.e., 0.1243should be entered as 12.43).)Return on assets2-g. Return on equity. (Round percentage answer to 2 decimal places (i.e., 0.1243 should be entered as12.43).)Return on equity%Financial leverage percentage%2-h. Financial leverage percentage. Did borrowing from creditors benefit shareholders? (Roundintermediate calculations and final answer to 2 decimal places.)% Yes

A company's profitability in relation to its total assets is determined by its return on assets. In…

P12-2 Analyzing Comparative Financial Statements by Using Percentages and Selected Ratios LO12-5, 12-6, 12-9 The comparative financial statements prepared at December 31, year 2, for Goldfish Company showed the following summarized data: Statement of Earnings. Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) Retained earningst Year 2 $356,820* 294,100 62,720 42,850 19,870 8,190 Year 1 $300,000 246,000 54,000 38,200 15,800 6,300 $ 11,680 $ 9,500 $ 4,060 $ 8,000 14,290 17,000 41,410 50,050 $109,810 $ 14,320 $ 16,700 41,710 38,700 30,000 30,000 23,780 17,600 $109,810 $103,000 36,000 42,000 $103,000 One-third was credit sales. During Year 2, cash dividends amounting to $5,500 were declared and paid.

P12-2 Analyzing Comparative Financial Statements by Using Percentages and Selected Ratios LO12-5, 12-6, 12-9 The comparative financial statements prepared at December 31, year 2, for Goldfish Company showed the following summarized data: Statement of Earnings. Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) Retained earningst Year 2 $356,820* 294,100 62,720 42,850 19,870 8,190 Year 1 $300,000 246,000 54,000 38,200 15,800 6,300 $ 11,680 $ 9,500 $ 4,060 $ 8,000 14,290 17,000 41,410 50,050 $109,810 $ 14,320 $ 16,700 41,710 38,700 30,000 30,000 23,780 17,600 $109,810 $103,000 36,000 42,000 $103,000 One-third was credit sales. During Year 2, cash dividends amounting to $5,500 were declared and paid.

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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