P13-5 (Algo) Computing Differences and Comparing Financial Statements Using Percentages LO 13-3. 13-6 [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 9%) Common stock ($5 par value, 5,400 shares outstanding) Retained earnings Total liabilities and stockholders' equity Year 2 Year 1 $ 190,500 112,300 $ 168,900 101,300 78,200 57,200 21,000 6,300 $ 14,700 $ 5,400 15,100 40,900 45,700 $ 107,100 $14,200 44,100 27,000 21,800 $ 107,100 67,600 54,200 13,400 4,828 $ 9,388 $ 6,800 16,900 33,700 36,700 $ 94,100 $ 15,200 44,100 27,000 7,800 $ 94,100 P13-5 Part 1 Required: 1. Complete the following columns for each item in the preceding comparative financial statements: Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Complete the following columns for each item in the preceding comparative financial statements: Note; Enter your percentage answers rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34). Decreases should be indicated by a minus sign. CHINOOK COMPANY Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Increase (Decrease) from Year 1 to Year 2 Amount Percent % % % % % % % Income Statement Balance Sheet >
P13-5 (Algo) Computing Differences and Comparing Financial Statements Using Percentages LO 13-3. 13-6 [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 9%) Common stock ($5 par value, 5,400 shares outstanding) Retained earnings Total liabilities and stockholders' equity Year 2 Year 1 $ 190,500 112,300 $ 168,900 101,300 78,200 57,200 21,000 6,300 $ 14,700 $ 5,400 15,100 40,900 45,700 $ 107,100 $14,200 44,100 27,000 21,800 $ 107,100 67,600 54,200 13,400 4,828 $ 9,388 $ 6,800 16,900 33,700 36,700 $ 94,100 $ 15,200 44,100 27,000 7,800 $ 94,100 P13-5 Part 1 Required: 1. Complete the following columns for each item in the preceding comparative financial statements: Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Complete the following columns for each item in the preceding comparative financial statements: Note; Enter your percentage answers rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34). Decreases should be indicated by a minus sign. CHINOOK COMPANY Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Increase (Decrease) from Year 1 to Year 2 Amount Percent % % % % % % % Income Statement Balance Sheet >
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...
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![P13-5 (Algo) Computing Differences and Comparing Financial Statements Using Percentages LO 13-3.
13-6
[The following information applies to the questions displayed below.]
The comparative financial statements for Chinook Company are below
Income statement
Sales revenue
Cost of goods sold
Gross profit
Operating expenses and interest expense
Pretax income
Income tax
Net income
Balance sheet
Cash
Accounts receivable (net)
Inventory
Property and equipment (net)
Total assets
Current liabilities (no interest)
Long-term liabilities (interest rate: 9%)
Common stock ($5 par value, 5,400 shares outstanding)
Retained earnings
Total liabilities and stockholders' equity
Year 2
Year 1
$ 190,500
112,300
$ 168,900
101,300
78,200
57,200
21,000
6,300
$ 14,700
$ 5,400
15,100
40,900
45,700
$ 107,100
$14,200
44,100
27,000
21,800
$ 107,100
67,600
54,200
13,400
4,828
$ 9,388
$ 6,800
16,900
33,700
36,700
$ 94,100
$ 15,200
44,100
27,000
7,800
$ 94,100
P13-5 Part 1
Required:
1. Complete the following columns for each item in the preceding comparative financial statements:
Complete this question by entering your answers in the tabs below.
Income
Statement
Balance Sheet
Complete the following columns for each item in the preceding comparative financial statements:
Note; Enter your percentage answers rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34). Decreases should
be indicated by a minus sign.
CHINOOK COMPANY
Income Statement
Sales revenue
Cost of goods sold
Gross profit
Operating expenses and interest expense
Pretax income
Income tax
Net income
Increase (Decrease)
from Year 1 to Year 2
Amount
Percent
%
%
%
%
%
%
%
Income Statement
Balance Sheet >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ba0e587-a052-4bea-ab4d-afeecfa845fe%2F38e8b6ce-0a26-493a-a470-03a4b06c96a1%2F1c7yic_processed.png&w=3840&q=75)
Transcribed Image Text:P13-5 (Algo) Computing Differences and Comparing Financial Statements Using Percentages LO 13-3.
13-6
[The following information applies to the questions displayed below.]
The comparative financial statements for Chinook Company are below
Income statement
Sales revenue
Cost of goods sold
Gross profit
Operating expenses and interest expense
Pretax income
Income tax
Net income
Balance sheet
Cash
Accounts receivable (net)
Inventory
Property and equipment (net)
Total assets
Current liabilities (no interest)
Long-term liabilities (interest rate: 9%)
Common stock ($5 par value, 5,400 shares outstanding)
Retained earnings
Total liabilities and stockholders' equity
Year 2
Year 1
$ 190,500
112,300
$ 168,900
101,300
78,200
57,200
21,000
6,300
$ 14,700
$ 5,400
15,100
40,900
45,700
$ 107,100
$14,200
44,100
27,000
21,800
$ 107,100
67,600
54,200
13,400
4,828
$ 9,388
$ 6,800
16,900
33,700
36,700
$ 94,100
$ 15,200
44,100
27,000
7,800
$ 94,100
P13-5 Part 1
Required:
1. Complete the following columns for each item in the preceding comparative financial statements:
Complete this question by entering your answers in the tabs below.
Income
Statement
Balance Sheet
Complete the following columns for each item in the preceding comparative financial statements:
Note; Enter your percentage answers rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34). Decreases should
be indicated by a minus sign.
CHINOOK COMPANY
Income Statement
Sales revenue
Cost of goods sold
Gross profit
Operating expenses and interest expense
Pretax income
Income tax
Net income
Increase (Decrease)
from Year 1 to Year 2
Amount
Percent
%
%
%
%
%
%
%
Income Statement
Balance Sheet >
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