Required: 1. Complete the following columns for each item in the comparative financial statements (Negative answers shoul be indicated by a minus sign. Round percentage answers to 2 decimal places, i.e., 0.1243 should be entered as 12.43.): Statement of earnings: Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Increase (Decrease) Year 2 over Year 1 Amount Percentage $ 45,770 38,650 7,120 4,020 3,100 1,050 $ 2,050 Statement of financial position: Cash (4,720) Accounts receivable (net) (4,220) Inventory 6,200 Property, plant, and equipment (net) 6,380 $ 3,640 Current liabilities (3,840) Long-term debt 3,530 Common shares 0 Retained earnings 3,950 $ 3,640
Required: 1. Complete the following columns for each item in the comparative financial statements (Negative answers shoul be indicated by a minus sign. Round percentage answers to 2 decimal places, i.e., 0.1243 should be entered as 12.43.): Statement of earnings: Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Increase (Decrease) Year 2 over Year 1 Amount Percentage $ 45,770 38,650 7,120 4,020 3,100 1,050 $ 2,050 Statement of financial position: Cash (4,720) Accounts receivable (net) (4,220) Inventory 6,200 Property, plant, and equipment (net) 6,380 $ 3,640 Current liabilities (3,840) Long-term debt 3,530 Common shares 0 Retained earnings 3,950 $ 3,640
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
None
Transcribed Image Text:Required:
1. Complete the following columns for each item in the comparative financial statements (Negative answers shoul
be indicated by a minus sign. Round percentage answers to 2 decimal places, i.e., 0.1243 should be entered as
12.43.):
Statement of earnings:
Sales revenue
Cost of sales
Gross margin
Operating expenses and interest expense
Earnings before income taxes
Income tax expense
Net earnings
Increase (Decrease)
Year 2 over Year 1
Amount
Percentage
$
45,770
38,650
7,120
4,020
3,100
1,050
$
2,050
Statement of financial position:
Cash
(4,720)
Accounts receivable (net)
(4,220)
Inventory
6,200
Property, plant, and equipment (net)
6,380
$
3,640
Current liabilities
(3,840)
Long-term debt
3,530
Common shares
0
Retained earnings
3,950
$
3,640
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education