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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
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 $195,000* $165,000 Cost of sales 120,000 100,000 Gross margin 75,000 65,000 Operating expenses and interest expense 60,000 53,000 Earnings before income taxes 15,000 12,000 Income tax expense 4,000 3,000 Net earnings Cash $ 11,000 $ 9,000 Statement of Financial Position $ 4,000 $ 8,000 Accounts receivable (net) 15,000 Inventory 40,000 Property, plant, and equipment (net) Current liabilities (no interest) Non-current liabilities (10% interest) Common shares (6,000 shares) 45,000 18,000 35,000 38,000 $104,000 $ 99,000 $ 16,000 $ 19,000 45,000 39,000 30,000 30,000 Retained earningst 13,000 11,000 $104,000 $ 99,000 *One-third was credit sales. During year 2, cash dividends amounting to $9,000 were declared and paid. Required: 1. Present component percentages for year 2 only. (Input all amounts as positive values. Round the final answers to the nearest whole percent. Percentages may not add exactly due to rounding.) Statement of earnings: Sales revenue Component Percentages Year 2 % Cost of sales Gross margin 0% Operating expenses and interest expense % Earnings before income taxes 0%
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