Homework Help is Here – Start Your Trial Now!
Business
Accounting
The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data: Year 2 Year 1 $380,670 $320,000 320,270 268,000 52,000 36,600 15,400 5,700 $9,700 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 earnings! 60,400 41,030 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 $ 8,100 18,000 38,000 21,000 $ 85,100 $ 17,600 34,100 18,000 15,400 $ 85,100

The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data: Year 2 Year 1 $380,670 $320,000 320,270 268,000 52,000 36,600 15,400 5,700 $9,700 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 earnings! 60,400 41,030 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 $ 8,100 18,000 38,000 21,000 $ 85,100 $ 17,600 34,100 18,000 15,400 $ 85,100

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

please help me  provide complete and correct answer  for all requirements with all working for all parts answer in text please answer correct please remember answer all requirements or skip /leave for other expert thanks million thanks please double underline need answer for all requirements or skip please do not waste time or question by giving incomplete or incorrect answer please no copy paste from other answer

 

 

2-a. By what amount did working capital change? 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? 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 %
P12-1 Analyzing Comparative Financial Statements by Using Percentages LO12-5 The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data: Year 2 Year 1 $380,670 $320,000 320,270 268,000 60,400 41,030 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 Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of financial position: Cash 19,370 7,440 $ 11,930 $ Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities Long-term debt Common shares Retained earnings 52,000 36,600 43,710 25,020 $ 87,970 15,400 5,700 9,700 $ 4,110 $ 8,100 15,130 *One-third was credit sales. +During Year 2, cash dividends amounting to $7,200 were declared and paid. 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).): 18,000 38,000 21,000 $ 85,100 $14,530 $ 17,600 35,310 18,000 34,100 18,000 20,130 15,400 $ 87,970 $ 85,100 Increase (Decrease) Year 2 over Year 1 Amount Percentage
Transcribed Image Text:P12-1 Analyzing Comparative Financial Statements by Using Percentages LO12-5 The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data: Year 2 Year 1 $380,670 $320,000 320,270 268,000 60,400 41,030 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 Operating expenses and interest expense Earnings before income taxes Income tax expense Net earnings Statement of financial position: Cash 19,370 7,440 $ 11,930 $ Accounts receivable (net) Inventory Property, plant, and equipment (net) Current liabilities Long-term debt Common shares Retained earnings 52,000 36,600 43,710 25,020 $ 87,970 15,400 5,700 9,700 $ 4,110 $ 8,100 15,130 *One-third was credit sales. +During Year 2, cash dividends amounting to $7,200 were declared and paid. 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).): 18,000 38,000 21,000 $ 85,100 $14,530 $ 17,600 35,310 18,000 34,100 18,000 20,130 15,400 $ 87,970 $ 85,100 Increase (Decrease) Year 2 over Year 1 Amount Percentage
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 7 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Balance Sheet Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS