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I have posted the exact same question in chegg since there are multiple questions here. P12-1 Analyzing Comparative Financial Statements by Using Percentages LO12-5 The
I have posted the exact same question in chegg since there are multiple questions here.
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 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) $ 332,980* $280,000 267,950 224,000 65,030 56,000 44,660 39,800 16,200 8,930 6,900 $ 11,440 $ 9,300 20,370 $ 4,010 13,450 39, 110 51,240 $ 107,810 $ 13,590 38,080 36,000 20,140 $ 107,810 $ 7,900 16,000 34,000 43,000 $100,900 $ 15,800 35,400 36,000 13,700 $100,900 Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) Retained earningst *One-third was credit sales. During Year 2, cash dividends amounting to $5,000 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).): Increase (Decrease) Year 2 over Year 1 Amount Percentage Statement of earnings: Sales revenue 0 0 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) $ 0 $ 0 Current liabilities Long-term debt Common shares Retained earnings $ 0 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 %Step by Step Solution
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