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[The following information applies to the questions displayed below,] The comparative financial statements prepared at December 31, 2015, for Prince Company showed the following summarized
[The following information applies to the questions displayed below,] The comparative financial statements prepared at December 31, 2015, for Prince Company showed the following summarized data 2015 2014 Income statement: Sales revenue Cost of goods sold $190,700 $168,700 100,000 112,400 Gross profit Operating expenses and interest expense 78,300 57,600 68,700 54,600 Pretax income Income tax 20,700 6,210 14,100 4,230 Net income $ 14,490 $ 9,870 Balance sheet: Cash Accounts receivable (net) Inventory Operational assets (net) $5,000 15,600 40,500 46,000 $ 5,600 18,000 32,300 37,200 $ 107100 $ 93,100 Current liabilities (no interest) Long-term liabilities (10% interest) Common stock (par $5) Retained earnings $14,300 43,200 28,100 21,500 $ 15,300 43,200 28,100 6,500 $ 107100 $ 93,100 One-third was credit sales. Required 1. Complete the following columns for each item in the preceding comparative financial statements (Round your percentage answers to 2 decimal places.(ie, 0.1234 should be entered as 12.34) Decreases should be indicated by a minus sign.) PRINCE COMPANY Income Statement At December 31, 2015 Increase (Decrease) 2015 over 2014 Amount Percent Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income PRINCE COMPANY Balance Sheet At December 31, 2015 Increase (Decrease) 2015 over 2014 Amount Percent Cash Accounts receivable (net) Inventory Operational assets (net) 0 Current liabilities (no interest) Long-term liabilities (8% interest) Common stock (par $5) Retained earninas
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