Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pinnacle Plus declared and paid a cash dividend of $7.600 in the current year. Its comparative financial statements, prepared at December 31, reported the following

image text in transcribed

Pinnacle Plus declared and paid a cash dividend of $7.600 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. Reg 1 Reg 2A Reg 28 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 S s 108,000 96 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 Balance Sheet Cash 120.000 54,000 68,000 41,000 5.000 20.000 8,000 14,000 49,000 57,000 35,500 5,000 16,500 4,950 11,550 $ s 96 S 78.110 s 96 19.000 28,000 90.000 40,800 12,500 40,000 110,000 203,300 36,000 1.800 50,000 $ 2 19.110 s 96 S 44,000 s 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 96 3.210 50,000 97,210 87,000 34,900 219.110 87,800 87,000 28,500 203,300 $ $ 96 Reg Reg 2A >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Blueprint For Lean Audit Lead Your Company To Higher Performance Levels

Authors: Maurice Washpun

1st Edition

B09R3DSLFF, 979-8408643707

More Books

Students also viewed these Accounting questions

Question

Identify the different methods employed in the selection process.

Answered: 1 week ago

Question

Demonstrate the difference between ability and personality tests.

Answered: 1 week ago