1. Complete the two final columns shown beside each item in Tiger Audio’s comparative financial statements.2-a. Which account increased by the largest dollar amount?2-b. Which account increased by the largest percentage? 1Req 1Reg 2AReq 2BComplete the two final columns shown beside each item in Tiger Audio's comparative financial statements. (Decreases shouldbe indicated by a minus sign. Round percentage values to 1 decimal place.)TIGER AUDIOHorizontal AnalysisIncrease (Decrease)in Current (versus Previous)BookCurrentPreviousAmountPercentageIncome StatementSales Revenue$ 231,500 $ 188,800%%%%PrintCost of Goods Sold137,150116,700Gross ProfitOperating ExpensesInterest Expense94,35072,100erences37,80032,8305,9004,980%Income before Income Tax Expense50,65034,290%Income Tax Expense (30%)15,19510,287%Net IncomeBalance Sheet$35,455 $24,003%Cash$23,680 $27,570%Accounts Receivable, Net16,90015,700%%%Inventory26,05022,700Property and Equipment, NetTotal AssetsAccounts Payable146,000128,500$ 212,630 $ 194,470%$25,200 $23,650%Income Tax Payable4,9004,320%Note Payable (long-term)Total Liabilities87,00099,000%117,100126,970Common Stock (par $1)27,00027,000%Retained EarningsTotal Liabilities and Stockholders' Equity%%68,53040,500$ 212,630 $ 194,470Req 1Req 2A > 1Tiger Audio declared and paid a cash dividend of $7,425 in the current year. Its comparative financialstatements, prepared at December 31, reported the following summarized information:Required:1. Complete the two final columns shown beside each item in Tiger Audio's comparative financialstatements.-Вook2-a. Which account increased by the largest dollar amount?2-b. Which account increased by the largest percentage?PrintComplete this question by entering your answers in the tabs below.erencesReq 1Reg 2AReq 2BComplete the two final columns shown beside each item in Tiger Audio's comparative financial statements. (Decreases shouldbe indicated by a minus sign. Round percentage values to 1 decimal place.)

Req 1 Req 2A Req 2B Complete 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 Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income $ 231,500 S 188,800 % % % % % % % % 137,150 116,700 94,350 72,100 37,800 32,830 5,900 4,980 50,650 34,290 15,195 10,287 35,455 S 24,003 Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net 23,680 S % % % % % % % % % % % % 27,570 16,900 15,700 26,050 22,700 146,000 $ 212,630 S 194,470 25,200 S 128,500 Total Assets Accounts Payable Income Tax Payable Note Payable (long-term) Total Liabilities 23,650 4,900 4,320 87,000 99,000 117,100 126,970 Common Stock (par $1) 27,000 27,000 Retained Earnings Total Liabilities and Stockholders' Equity 40,500 $ 212,630 S 194,470 68,530 %24

Req 1 Req 2A Req 2B Complete 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 Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income $ 231,500 S 188,800 % % % % % % % % 137,150 116,700 94,350 72,100 37,800 32,830 5,900 4,980 50,650 34,290 15,195 10,287 35,455 S 24,003 Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net 23,680 S % % % % % % % % % % % % 27,570 16,900 15,700 26,050 22,700 146,000 $ 212,630 S 194,470 25,200 S 128,500 Total Assets Accounts Payable Income Tax Payable Note Payable (long-term) Total Liabilities 23,650 4,900 4,320 87,000 99,000 117,100 126,970 Common Stock (par $1) 27,000 27,000 Retained Earnings Total Liabilities and Stockholders' Equity 40,500 $ 212,630 S 194,470 68,530 %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Identify each of the following accounts as a revenue (R), expense (E), asset (A), liability (L), or equity (SE) by placing initials (R, E, A, L or SE) in the blanks. 1. Salary Expense 2. Cash 3. Equipment 4. Common Stock 5. Fees Revenue 6. Accounts Receivable 7. Accounts Payable 8. Dividends 9. Supplies 10. Unearned Revenue 11. Prepaid Insurance 12. Office Furniture
Respond to the following in a minimum of 175 words: Describe the purpose of the five primary financial statements. Statement of Comprehensive Income Income Statement Balance Sheet Statement of Cash Flows Statement of Shareholder's Equity Give an example of a profitability, liquidity, and solvency ratio and explain the components and which financial statement would provide the information.
sing the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions. Assets Beginning of Year: $25,000 - $19,000 Liabilities End of Year: $60,000 - $25,000 1) What is the equity at the beginning of the year? Beginning Equity 6,000 2) What is the equity at the end of the year? Ending Equity 35,000 3) If the owner contributes $5,400 and the owner withdraws $38,500, how much is net income (loss)? Net Income (Loss) 62,100 This the answers I need help with but you need all of this to answer the questions 4 If net income is $3,400 and owner withdrawals are $8,900, how much did the owner contribute (owner, capital)? Owner, Capital 5) If the owner contributes $16,200 and net income is $19,800, how much did the owner withdraw (owner, withdrawals)? Owner, Withdrawals 6) If the owner contributes $43,600 and the owner withdraws $1,900, how much…
Indicate in the space provided by each item whether it would appear on the income statement (IS), balance sheet (BS), or retained earnings statement (RE): a. Prepaid Rent g. --- Accounts Receivable b. Cash h. ----- Building C. --Dividends Common Stock d. Accounts Payable Patents е. Supplies Expense k. Service Revenue f. Salaries and Wages Payable Notes Payable
1. What is net income? 2. What is the ending balance of Retained Earnings? 3. What is the total amount of assets? 4. What is the total amount of liabilities? 5. What is the amount of equity would be reported in a Balance Sheet?
Based on the data presented in Exercise1-10, identify those items that would appear on the income statement.
3. Companies typically provide four basic financial statements: the fixed income statement, +the current income statement, the balance sheet, and the cash flow statement. a. True b. False If your answer is false, what is the correct answer: I
Answer full question please.