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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 | $ | 367,950 | * | $ | 310,000 | ||
Cost of sales | 312,170 | 262,000 | |||||
Gross margin | 55,780 | 48,000 | |||||
Operating expenses and interest expense | 37,410 | 33,400 | |||||
Earnings before income taxes | 18,370 | 14,600 | |||||
Income tax expense | 6,310 | 4,800 | |||||
Net earnings | $ | 12,060 | $ | 9,800 | |||
Statement of Financial Position | |||||||
Cash | $ | 4,270 | $ | 8,400 | |||
Accounts receivable (net) | 16,830 | 20,000 | |||||
Inventory | 48,350 | 42,000 | |||||
Property, plant, and equipment (net) | 29,810 | 25,000 | |||||
$ | 99,260 | $ | 95,400 | ||||
Current liabilities (no interest) | $ | 11,820 | $ | 14,200 | |||
Non-current liabilities (10% interest) | 40,480 | 39,200 | |||||
Common shares (6,000 shares) | 24,000 | 24,000 | |||||
Retained earnings | 22,960 | 18,000 | |||||
$ | 99,260 | $ | 95,400 | ||||
*One-third was credit sales. During Year 2, cash dividends amounting to $7,100 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).):
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