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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
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) $206,820* $175,000 143,360 120,000 63,460 55,000 49,710 44,000 13,750 11,000 3,360 2,500 $ 10,390 $ 8,500 $ 3,500 16,250 41,140 47,360 $ 108,250 $ 15,260 51,100 24,000 17,890 $ 108,250 $ 7,000 19,500 36,000 40,000 $102,500 $ 18,000 45,000 24,000 15,500 $102,500 Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) Retained earningst *One-third was credit sales. During Year 2, cash dividends amounting to $8,000 were declared and paid. Compute the following for year 2: 2. Percentage matupan pound percentagen ta decimal place 0.124 should be entered 12.44 Ruhp 2b. income tax rate Round percentagoneer of decimi piace 1.4, 0.24 should be entered 2.4.1 2chet pole margins Was a good or poor indicator of performance? Pound percentage to decimal casile 0.124 should be needs 12.401 2.d. Percentage of total resources and in property, ple, and equipment and percentagenwarta 2 decimal places. 0.124 should be seeds 12.42 20. Debe to-auty radio interpeet the rest Round the free to decina aces 2 taman tume that one doet.increased 10 532.300 in north of yw 2. Round immediate calculation to decimal glaces and personer so 2 decimalgica o, 0124 hould be stored as 12:42) 20. Beaumon equity Round percegowe o 2 decimal acasila, 0.24 hodid beated 18.42) 2- hwiliwape parcurge Did bonowing from creditor boreholders Roundedate cautions and final awwarto 2 decimal places wap
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