Plus showed the following The comparative financial statements prepared at Decem

Question

Plus showed the following The comparative financial statements prepared at December 31 for Pinracde summarized data: Required: 1. Complete the two final columns shown beside each item in Pinnadle Plus's comparative financial statements (Decreases should be indicated by a minus sign. Round your percentage values to 1 decimal place) Horizontal Anialysis Increase in the Current year (versus Previous year) Current Year Income Statement Sales Revenue Cost of Goods Sold Gross Profit S114,000101,800 48.400 53.400 34.000 4.400 15,000 4.500 $ 13,18010.500 52,800 61,200 38,000 4.400 18,800 5.640 Interest Expense noome before income Tax Expense income Tax Expense (30%) Net Income Balance Sheet Cash Accounts Receivable. Net nventory Property and Equipment Ne: Total Assets Accounts Payable income Tax Payabie Note Payable tiong-term) Toial Liabities Common Stoek (par 310 s 08080 33.200 11.200 38.800 107,000 S 204.880 3190.200 35.400 900 44.000 80,300 82 000 27,900 17,800 25.400 95.400 $ 42.800 $ 1,800 44.000 88.600 82 000 34.060 Total ciabeltes and Stocknolders E +Durng the curent year cash dividencs amounting to 57 000 were declarec and paid

Explanation / Answer

Increase / decrease Income statement Current year Previous year Amount percentage Sales revenue 114000 101800 12200 12.0% Cost of goods sold 52800 48400 4400 9.1% Gross profit 61200 53400 7800 14.6% Operating expense 38000 34000 4000 11.8% interest expense 4400 4400 0 0.0% Income before income tax expense 18800 15000 3800 25.3% Income tax expense 30% 5640 4500 1140 25.3% Net income 13160 10500 2660 25.3% Balance sheet Cash 66060 33200 32860 99.0% Accounts receivable net 17800 11200 6600 58.9% Inventory 25400 38800 -13400 -34.5% Property and equipment net 95400 107000 -11600 -10.8% Total assets 204660 190200 14460 7.6% Accounts payable 42800 35400 7400 20.9% Income tax payable 1800 900 900 100.0% Notes payable (long term) 44000 44000 0 0.0% Total liabilities 88600 80300 8300 10.3% Common stock $10 82000 82000 0 0.0% retained earnings 34060 27900 6160 22.1% Total liabilities and stockholders equity 204660 190200 14460 7.6% Increase by largest amount Cash Increase by largest percentage Income tax payable

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