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Hi sir/ma'am, can you please help me with this particular accounting problem please? thank you so much for your help and time! I greatly appreciate
Hi sir/ma'am, can you please help me with this particular accounting problem please? thank you so much for your help and time! I greatly appreciate it!
Pinnacle Plus declared and paid a cash dividend of $6,600 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Required: 1. Complete the two final columns shown beside each item in Pinnacle Plus's comparative financial statements. 2-a. Which account increased by the largest dollar amount? 2-b. Which account increased by the largest percentage? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Complete the two final columns shown beside each item in Pinnacle Plus's comparative financial statements. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) PINNACLE PLUS Horizontal Analysis Increase (Decrease) in the current year (versus the previous year) Amount Percentage Current Year Previous Year $ $ Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income 110,000 52,000 58,000 36,000 4,000 18,000 5,400 12,600 99,000 48,000 51,000 33,000 4,000 14,000 4,200 9,800 $ $ $ Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net Total Assets Accounts Payable Income Tax Payable Note Payable (long-term) Total Liabilities Common Stock (par $10) Retained Earnings Total Liabilities and Stockholders' Equity 38,000 12,000 38,000 105,000 193,000 35,000 500 | $ | $ $ $ 69,500 17,000 25,000 95,000 206,500 42,000 1,000 40,000 83,000 90,000 33,500 206,500 % % 40,000 75,500 90,000 27,500 193,000 $ $ % Which account increased by the largest dollar amount? Account Which account increased by the largest percentage? AccountStep by Step Solution
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