Please fix the incorrect questions!!!!
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) $ 277,140* $ 235,000 220, 730 186,000 56, 410 49,000 41,320 36,900 15,090 12,100 3,990 3,000 $ 11,100 $ 9,100 $ 4,880 18,700 47,910 43,730 $ 115, 220 $ 9,800 22,500 42,000 37,000 $ 111,300 $ 18,300 39,400 30,000 23,600 $ 111,300 Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) Retained earningst $ 15,130 42,590 30,000 27,500 $ 115, 220 *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).): Answer is not complete. Increase (Decrease) Year 2 over Year 1 Amount Percentage Statement of earnings: Sales revenue $ 15.20 X 42,140 34,730 Cost of sales 7,410 Gross margin Operating expenses and interest expense Earnings before income taxes 4,420 2,990 990 2,000 Income tax expense Net earnings Statement of financial position: Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) (4,920) (3,800) 5,910 6,730 3,920 Current liabilities (3,170) Long-term debt Common shares 0 0.00 Retained earnings 3,900 730 $ 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).): Answer is not complete. Increase (Decrease) Year 2 over Year 1 Amount Percentage $ 42,140 34,730 7,410 4,420 2,990 990 2,000 17.93 18.67 15.12 11.98 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) 24.71 33.00 1$ 21.98 (4,920) (3,800) 5,910 6,730 3,920 (3,170) lolololol (50.20) (16.89) 14.07 18.19 OOOOOOO OOO OOOO $ Current liabilities Long-term debt Common shares Retained earnings (17.31) 8.10 0.00 16.53 0 3,900 730 $ 2-a. By what amount did working capital change? Answer is complete but not entirely correct. Change in working capital $ 64 2-b. What was the percentage change in the income tax rate? (Round intermediate calculations and final answer to 2 decimal places.) Answer is complete but not entirely correct. Percentage change 1.65 % increase 2-c. What was the amount of cash collections from customers in year 2? Answer is complete and correct. Amount of cash inflow $ 280,940 2-d. What was the percentage change for the markup realized on sales? (Round intermediate calculations and final answer to 1 decimal place.) X Answer is not complete. Percentage change % decrease
