Required Information 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 P13-5 Part 2 $ 190,500 112,300 78,200 Year 2 Year 1 $ 168,900 101,300 67,600 54,200 13,408 4,020 $ 9,388 $ 6,800 57,200 21,000 6,300 $ 14,700 $ 5,400 15,100 48,900 45,700 $ 107,100 $ 14,200 44,100 27,000 21,800 $ 107,100 16,900 33,700 36,700 $ 94,100 $ 15,200 44,100 27,000 7,800 $ 94,100 2. By what amount did the current ratio change from Year 1 to Year 2? Note: Round your Intermediate calculations and final answer to 2 decimal places. Current ratio change
Required Information 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 P13-5 Part 2 $ 190,500 112,300 78,200 Year 2 Year 1 $ 168,900 101,300 67,600 54,200 13,408 4,020 $ 9,388 $ 6,800 57,200 21,000 6,300 $ 14,700 $ 5,400 15,100 48,900 45,700 $ 107,100 $ 14,200 44,100 27,000 21,800 $ 107,100 16,900 33,700 36,700 $ 94,100 $ 15,200 44,100 27,000 7,800 $ 94,100 2. By what amount did the current ratio change from Year 1 to Year 2? Note: Round your Intermediate calculations and final answer to 2 decimal places. Current ratio change
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 48CE
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