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Business
Accounting
Statement of Earnings Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities (no interest) Non-current liabilities (10% interest) Connon shares (6,000 shares) Retained earningst Statement of earnings: Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of financial position: Cash Year 2 $380,670 320,270 Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities Long-term debt Common shares Retained earnings *One-third was credit sales. +During Year 2, cash dividends amounting to $7,200 were declared and paid. 60,400 41,030 Required: 1. Complete the following columns for each item in the preceding comparative financial statements (Negative answers should be indicated by a minus sign. Round percentage answers to 2 decimal places (i.e., 0.1243 should be entered as 12.43).): 15,400 5,700 $ 11,930 $ 9,700 19,370 7,440 $ 4,110 $ 8,100 15,130 18,000 43,710 38,000 25,020 21,000 $ 87,970 $ 85,100 $14,530 $ 17,600 35,310 34,100 18,000 18,000 20,130 15,400 $ 87,970 $ 85,100 Answer is complete and correct. $ Amount $ Year 1 $320,000 268,000 60,670 52,270 8,400 4,430 3,970 1,740 $ 2,230 52,000 36,600 Increase (Decrease) Year 2 over Year 1 (3,990) (2,870) 5,710 4,020 2,870 (3,070) 1,210 00 4,730 $ 2,870 Percentage 18.96 19.50 16.15 12.10 25.78 30.53 22.99 (49.26) (15.94) 15.03 19.14 3.37 (17.44) 3.55 0.00 30.71 3.37

Statement of Earnings Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities (no interest) Non-current liabilities (10% interest) Connon shares (6,000 shares) Retained earningst Statement of earnings: Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of financial position: Cash Year 2 $380,670 320,270 Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities Long-term debt Common shares Retained earnings *One-third was credit sales. +During Year 2, cash dividends amounting to $7,200 were declared and paid. 60,400 41,030 Required: 1. Complete the following columns for each item in the preceding comparative financial statements (Negative answers should be indicated by a minus sign. Round percentage answers to 2 decimal places (i.e., 0.1243 should be entered as 12.43).): 15,400 5,700 $ 11,930 $ 9,700 19,370 7,440 $ 4,110 $ 8,100 15,130 18,000 43,710 38,000 25,020 21,000 $ 87,970 $ 85,100 $14,530 $ 17,600 35,310 34,100 18,000 18,000 20,130 15,400 $ 87,970 $ 85,100 Answer is complete and correct. $ Amount $ Year 1 $320,000 268,000 60,670 52,270 8,400 4,430 3,970 1,740 $ 2,230 52,000 36,600 Increase (Decrease) Year 2 over Year 1 (3,990) (2,870) 5,710 4,020 2,870 (3,070) 1,210 00 4,730 $ 2,870 Percentage 18.96 19.50 16.15 12.10 25.78 30.53 22.99 (49.26) (15.94) 15.03 19.14 3.37 (17.44) 3.55 0.00 30.71 3.37

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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2-a. By what amount did working capital change? Answer is not complete. Change in working capital 2-b. What was the percentage change in the income tax rate? (Round intermediate calculations and final answer to 2 decimal places.) Percentage change 2-c. What was the amount of cash collections from customers in year 2? Amount of cash inflow % 2-d. What was the percentage change for the markup realized on sales? (Round intermediate calculations and final answer to 1 decimal place.) Percentage change %
Transcribed Image Text:2-a. By what amount did working capital change? Answer is not complete. Change in working capital 2-b. What was the percentage change in the income tax rate? (Round intermediate calculations and final answer to 2 decimal places.) Percentage change 2-c. What was the amount of cash collections from customers in year 2? Amount of cash inflow % 2-d. What was the percentage change for the markup realized on sales? (Round intermediate calculations and final answer to 1 decimal place.) Percentage change %
Statement of Earnings Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) Retained earningst Statement of earnings: Sales revenue Cost of sales Gross margin Year 2 $380,670 320,270 Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of financial position: Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities Long-term debt Common shares Retained earnings 19,370 7,440 $ 11,930 $ 4,110 15,130 43,710 25,020 $ 87,970 $ 14,530 35,310 18,000 20,130 $ 87,970 60,400 41,030 *One-third was credit sales. +During Year 2, cash dividends amounting to $7,200 were declared and paid. Answer is complete and correct. $ Required: 1. Complete the following columns for each item in the preceding comparative financial statements (Negative answers should be indicated by a minus sign. Round percentage answers to 2 decimal places (i.e., 0.1243 should be entered as 12.43).): S $ $ Amount 60,670 52,270 $320,000 268,000 8,400 4,430 3,970 1,740 2,230 Year 1 (3,990) (2,870) 5,710 4,020 2,870 (3,070) 1,210 52,000 36,600 15,400 5,700 $ 9,700 Increase (Decrease) Year 2 over Year 1 $ 8,100 18,000 38,000 21,000 $ 85,100 $ 17,600 34,100 18,000 15,400 $ 85,100 0✔ 4,730✔ 2,870 Percentage 18.96 19.50 16.15 12.10 25.78 30.53 22.99 (49.26) (15.94) 15.03 19.14 3.37✔✔ (17.44) 3.55✔✔ 0.00 30.71 3.37
Transcribed Image Text:Statement of Earnings Sales revenue Cost of sales Gross margin Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) Retained earningst Statement of earnings: Sales revenue Cost of sales Gross margin Year 2 $380,670 320,270 Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of financial position: Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities Long-term debt Common shares Retained earnings 19,370 7,440 $ 11,930 $ 4,110 15,130 43,710 25,020 $ 87,970 $ 14,530 35,310 18,000 20,130 $ 87,970 60,400 41,030 *One-third was credit sales. +During Year 2, cash dividends amounting to $7,200 were declared and paid. Answer is complete and correct. $ Required: 1. Complete the following columns for each item in the preceding comparative financial statements (Negative answers should be indicated by a minus sign. Round percentage answers to 2 decimal places (i.e., 0.1243 should be entered as 12.43).): S $ $ Amount 60,670 52,270 $320,000 268,000 8,400 4,430 3,970 1,740 2,230 Year 1 (3,990) (2,870) 5,710 4,020 2,870 (3,070) 1,210 52,000 36,600 15,400 5,700 $ 9,700 Increase (Decrease) Year 2 over Year 1 $ 8,100 18,000 38,000 21,000 $ 85,100 $ 17,600 34,100 18,000 15,400 $ 85,100 0✔ 4,730✔ 2,870 Percentage 18.96 19.50 16.15 12.10 25.78 30.53 22.99 (49.26) (15.94) 15.03 19.14 3.37✔✔ (17.44) 3.55✔✔ 0.00 30.71 3.37
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