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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
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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
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