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
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.9MBA
Related questions
Question
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ba0e587-a052-4bea-ab4d-afeecfa845fe%2F60b7e2d6-faf2-4692-bdf5-7db2d4d392f5%2Fh8eune8_processed.png&w=3840&q=75)
Transcribed Image Text: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
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