Question
The comparative financial statements for Prince Company are below: Year 2 Year 1 Income statement: Sales revenue $ 190,400 $ 167,300 Cost of goods sold
The comparative financial statements for Prince Company are below:
Year 2 | Year 1 | ||||||
Income statement: | |||||||
Sales revenue | $ | 190,400 | $ | 167,300 | |||
Cost of goods sold | 112,100 | 101,500 | |||||
Gross profit | 78,300 | 65,800 | |||||
Operating expenses and interest expense | 57,100 | 54,100 | |||||
Pretax income | 21,200 | 11,700 | |||||
Income tax | 6,360 | 3,510 | |||||
Net income | $ | 14,840 | $ | 8,190 | |||
Balance sheet: | |||||||
Cash | $ | 4,100 | $ | 6,100 | |||
Accounts receivable (net) | 15,000 | 16,600 | |||||
Inventory | 41,900 | 33,100 | |||||
Property and equipment (net) | 46,200 | 37,600 | |||||
Total assets | $ | 107,200 | $ | 93,400 | |||
Current liabilities (no interest) | $ | 14,800 | $ | 15,800 | |||
Long-term liabilities (9 interest) | 43,500 | 43,500 | |||||
Common stock ($5 par value, 5,200 shares outstanding) | 26,000 | 26,000 | |||||
Retained earnings | 22,900 | 8,100 | |||||
Total liabilities and stockholders' equity | $ | 107,200 | $ | 93,400
|
Required:
1. Complete the following columns for each item in the preceding comparative financial statements: (Round your percentage answers to 2 decimal places.(i.e., 0.1234 should be entered as 12.34). Decreases should be indicated by a minus sign.) Show Amount and Percent
Required : Sales Revenue(base amount), Cost of goods sold, Gross profit on sales, Operating expenses and interest expense , Pretax income, Incomes taxes, Net income, cash, Accounts receivable (net) , inventory, Property and equipment (net) Current liabilities(no interest), Long-term liabilities (9%interest), Retained earnings, Common stock($5 par value, 5,200 shares outstanding), Total liabilities and owners equity(the base amount)
2. By what amount did the current ratio change? (Round your intermediate calculations and final answer to 2 decimal places.)
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