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Can you help me to fill out the blanks? Thank you so much for your help in advance. 2.00 points The comparative financial statements prepared
Can you help me to fill out the blanks? Thank you so much for your help in advance.
2.00 points The comparative financial statements prepared at December 31 for Pinnacle Plus showed the following summarized data Current Year Previous Year Income Statement Sales Revenue $120,000 $107,000 56,000 52,000 Cost of Goods Sold 64,000 55,000 Gross Profit 38,000 34,600 Operating Expenses Interest Expense 4,200 4,200 21,800 Income before Income Tax Expense 16,200 Income Tax Expense (30%) 6,540 4,860 15,260 11,340 Net Income Balance Sheet 72,110 36,000 Cash S 14,000 Accounts Receivable, Net 19,000 40,000 27,000 Inventory Property and Equipment, Net 97,000 107,000 Total Assets $215,110 $197,000 44,000 34,800 Accounts Payable Income Tax Payable 1.050 600 Note Payable (long-term) 42,000 2.000 87,050 77,400 Total Liabilities 91,200 Common Stock (par $10) 91,200 28,400 36,860 Retained Earnings Total Liabilities and Stockholders' Equity $215,110 $197,000 t During the current year, cash dividends amounting to $6,800 were declared and paidStep by Step Solution
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