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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 2Ccounts receivable (net) Inventory Property, plant, and equipment (net) $a24,420- 272,590 51, 820 35, 110 16, 720 5,130 $275,000 220,000 45,000 31,600 1a, 400 2,900 $ 9,500 $ 11,590 $ S 4,480 19, 120 54,760 26,650 9,000 23,000 48,000 31,000 $ 115, 010 Current liabilities (no interest) Non-current liabilities (100 interest) Common shares (6,000 shares) Retained earning= $ 10, 760 39, 660 42,000 22,590 $115, 010 $111,000 S 13,000 38,600 42,000 17,400 $111,000 *One-third was credit sales. touring Year 2, cash dividends amounting to $6,400 were declared and pald. 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 (l.e., 0.1243 should be entered as 12.43).): Increase (Decrease) Year 2 over Year 1 Amount Percentage 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) Current liabilities Long-term debt Common shares Retained earnings
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