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Required information [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 Year 2 Year 1 $ $ 190,000 167,000 112,000 100,000 78,000 67,000 56,000 53,000 22,000 14,000 8,000 4,000 Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 10%) Common stock ($5 par value, 6,000 shares outstanding) $ 14,000 $10,000 $ 4,000 $7,000 14,000 40,000 18,000 34,000 45,000 38,000 $ 103,000 $ 97,000 $ 16,000 $17,000 45,000 45,000 30,000 30,000 Retained earnings 12,000 5,000 Total liabilities and stockholders' equity $ 103,000 $ 97,000 Required: 1. Complete the following columns for each item in the preceding comparative financial statements: Complete this question by entering your answers in the tabs below. Income Balance stateme... sheet

Required information [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 Year 2 Year 1 $ $ 190,000 167,000 112,000 100,000 78,000 67,000 56,000 53,000 22,000 14,000 8,000 4,000 Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 10%) Common stock ($5 par value, 6,000 shares outstanding) $ 14,000 $10,000 $ 4,000 $7,000 14,000 40,000 18,000 34,000 45,000 38,000 $ 103,000 $ 97,000 $ 16,000 $17,000 45,000 45,000 30,000 30,000 Retained earnings 12,000 5,000 Total liabilities and stockholders' equity $ 103,000 $ 97,000 Required: 1. Complete the following columns for each item in the preceding comparative financial statements: Complete this question by entering your answers in the tabs below. Income Balance stateme... sheet

FINANCIAL ACCOUNTING
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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Required information [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 Year 2 Year 1 $ $ 190,000 167,000 112,000 100,000 78,000 67,000 56,000 53,000 22,000 14,000 8,000 4,000 $ 14,000 $10,000 $ 4,000 $ 7,000 Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 10%) Common stock ($5 par value, 6,000 shares outstanding) Retained earnings 14,000 18,000 40,000 34,000 45,000 38,000 $ $ 97,000 103,000 $ 16,000 $17,000 45,000 45,000 30,000 30,000 12,000 5,000 $ Total liabilities and stockholders' equity $ 97,000 103,000 Required: 1. Complete the following columns for each item in the preceding comparative financial statements: Complete this question by entering your answers in the tabs below. Income Balance stateme.... sheet Complete the following columns for each item in the preceding comparative financial statements: Note: Enter your percentage answers rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34). Decreases should be indicated by a minus sign. Sales revenue CHINOOK COMPANY Income Statement Increase (Decrease) from Year 1 to Year 2 Amount Percent % % % % % % % Income statement Balance sheet > Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Show less▲
Transcribed Image Text:Required information [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 Year 2 Year 1 $ $ 190,000 167,000 112,000 100,000 78,000 67,000 56,000 53,000 22,000 14,000 8,000 4,000 $ 14,000 $10,000 $ 4,000 $ 7,000 Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 10%) Common stock ($5 par value, 6,000 shares outstanding) Retained earnings 14,000 18,000 40,000 34,000 45,000 38,000 $ $ 97,000 103,000 $ 16,000 $17,000 45,000 45,000 30,000 30,000 12,000 5,000 $ Total liabilities and stockholders' equity $ 97,000 103,000 Required: 1. Complete the following columns for each item in the preceding comparative financial statements: Complete this question by entering your answers in the tabs below. Income Balance stateme.... sheet Complete the following columns for each item in the preceding comparative financial statements: Note: Enter your percentage answers rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34). Decreases should be indicated by a minus sign. Sales revenue CHINOOK COMPANY Income Statement Increase (Decrease) from Year 1 to Year 2 Amount Percent % % % % % % % Income statement Balance sheet > Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Show less▲
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