Required:1. Present component percentages for Year 2 only. (Input all amounts as positive values. Round the final answers to the nearestwhole percent. Percentages may not add exactly due to rounding.)Statement of earnings:Sales revenueCost of salesGross marginOperating expenses and interest expenseEarnings before income taxesIncome tax expenseNet earningsStatement of financial position:CashAccounts receivable (net)InventoryProperty, plant, and equipment (net)Total assetsCurrent liabilitiesLong-term liabilitiesCommon sharesRetained earningsTotal liabilities and shareholders' equityComponentPercentages Year2%do%0 %de%0 %%0 %do do do do do%%%%0 %%%%%0 % The comparative financial statements prepared at December 31, year 2, for Goldfish Company showed the following summarized data:Statement of EarningsSales revenueCost of salesGross marginOperating expenses and interest expenseEarnings before income taxesIncome 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$379,790*321,70058,09039, 22018,8706,690$ 12,180$ 4,17015,99046,05027,430$ 93,640Year 1$320,000270,00050,00035,00015,0005,100$ 9,900$ 8,20019,00040,00023,000$ 90,200$ 15,350$ 18,50036,81035,90024,00024,00017,48011,800$ 93,640 $ 90,200*One-third was credit sales.+During Year 2, cash dividends amounting to $6,500 were declared and paid.

Component Percentage is a method of Financial Statement Analysis under which we can easily analyze…

Required: 1. Present component percentages for Year 2 only. (Input all amounts as positive values. Round the final answers to the nearest whole percent. Percentages may not add exactly due to rounding.)

Required: 1. Present component percentages for Year 2 only. (Input all amounts as positive values. Round the final answers to the nearest whole percent. Percentages may not add exactly due to rounding.)

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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