Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help asap Pinnacle Plus declared and paid a cash dividend of $6,100 in the current year. Its comparative financial statements, prepared at December 31,
please help asap
Pinnacle Plus declared and paid a cash dividend of $6,100 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, 2-0. 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. PINNACLE PLUS Horizontal Analysis Current Year Previous Year Increase (Decrease) in the Current year (versus Previous year) Amount Percentage Income Statement $ Sales Revenue $ 96 Cost of Goods Sold 125,000 55.000 70,000 33,500 3,500 %%% 96 109.500 49,500 60,000 31.000 3,500 25,500 7,650 17.850 Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income %6 % 33,000 9.900 23.100 96 $ $ 96 $ 74.000 $ 96 % % 96 18.000 24.500 94.500 1211.000 96 38.800 11,000 37,000 102.500 184,500 36,500 1.000 25.000 S S Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net Total Assets Accounts Payable Income Tax Payable Notes Payable (long-term) Total Liabilities Common Stock (par $ 10) Retained Earnings Total abilities and Stockholders Eouity 96 $ $ 96 96 45.000 2.000 35.000 82.000 96 72 500 96 85.000 996 85.000 44.000 211,000 27 000 184,500 $ 96 curation: chers, prepared at Required: 8 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 2 Req 2A Reg 2B Which account increased by the largest dollar amount? Account ( Req Req 28 > A 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 Red 2A Req 2B Which account increased by the largest percentage? Account ( Req2A Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started