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The comparative financial statements prepared at December 31, 2012, for Prince Company showed the following summarized data: 2012 2011 Income Statement Sales revenue $ 190,300
The comparative financial statements prepared at December 31, 2012, for Prince Company showed the following summarized data: |
2012 | 2011 | |||||
Income Statement | ||||||
Sales revenue | $ | 190,300 | * | $ | 167,900 | |
Cost of goods sold | 113,200 | 101,500 | ||||
Gross profit | 77,100 | 66,400 | ||||
Operating expenses and interest expense | 56,400 | 53,400 | ||||
Pretax income | 20,700 | 13,000 | ||||
Income tax | 6,210 | 3,900 | ||||
Net income | $ | 14,490 | $ | 9,100 | ||
Balance Sheet | ||||||
Cash | $ | 5,200 | $ | 6,400 | ||
Accounts receivable (net) | 14,300 | 16,600 | ||||
Inventory | 41,600 | 33,600 | ||||
Operational assets (net) | 46,500 | 36,400 | ||||
$ | 107,600 | $ | 93,000 | |||
Current liabilities (no interest) | $ | 15,800 | $ | 16,800 | ||
Long-term liabilities (9% interest) | 44,200 | 44,200 | ||||
Common stock (par $5) | 28,100 | 28,100 | ||||
Retained earnings | 19,500 | 3,900 | ||||
$ | 107,600 | $ | 93,000 | |||
*One-third was credit sales. By what amount did working capital change? |
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