Please provide detailed explanation with formulas used to calculate the answers
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 Coat of salen Grous 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) $195,000* $165,000 120,000 100,000 75,000 65,000 60,000 53,000 15,000 12,000 4,000 3,000 $ 11,000 $ 9,000 Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) Retained earnings $ 4,000 15,000 40,000 45,000 $104,000 $ 16,000 45,000 30,000 13,000 $104,000 $ 8,000 18,000 35,000 38,000 $ 99,000 $ 19,000 39,000 30,000 11,000 $ 99,000 *One-third was credit sales During year 2. cash dividends amounting to $9,000 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 0 0 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) $ 0 W $ 0 Current liabilities Long-term liabilities Common shares Retained earnings $ 0 2-a. By what amount did working capital change? Change in working capital $ 8,000 increase 2-b. What was the percentage change in the income tax rate? (Round intermediate calculations and final answer to 1 decimal place.) Percentage change 3.5 % increase 2-c. What was the amount of cash collections from customers in year 2? Amount of cash inflow $ 15,000 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 20.0% increase 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 males Gros 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) $195,000* $165,000 120,000 100,000 75,000 65,000 60,000 53,000 15,000 12,000 4,000 3,000 $ 11,000 $ 9,000 $ 4,000 15,000 40,000 45,000 $104,000 $ 16,000 45,000 30,000 13,000 $104,000 $ 8,000 18,000 35,000 38,000 $ 99,000 $ 19,000 39,000 30,000 11,000 $ 99,000 Current liabilities (no interest) Non-current liabilities (108 interest) Common shares (6,000 shares) Retained earningst "One-third was credit sales. During year 2, cash dividends amounting to $9,000 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).): 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 0 0 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) $ 0 $ Current liabilities Long-term liabilities Common shares Retained earnings $ 2-a. By what amount did working capital change? Change in working capital $ 8.000 increase 2-b. What was the percentage change in the income tax rate? (Round intermediate calculations and final answer to 1 decimal place.) Percentage change 3.5% increase W 2-c. What was the amount of cash collections from customers in year 2? Amount of cash inflow $ 15,000 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 20.0% increase
