The comparative financial statements prepared at December 31 for Tiger Audio sho

Question

The comparative financial statements prepared at December 31 for Tiger Audio showed the following summarized data:

e Chegg Study I Guided SWX e Dive In Company was s Final Exam xM Final Exam Untitled document-Go - ezto.mheducation.com/hm.tpx The comparative financial statements prepared at December 31 for Tiger Audio showed the following summarized data: Required 1. Complete the two final columns shown beside each item in Tiger Audio's comparative financial statements. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) TIGER AUDIO Horizontal Analysis Increase (Decrease) in Current (versus Previous) Current Previous Amount Percentage Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense $ 230,000$ 191,000 114,600 76,400 34,130 3,630 135,650 94,350 40,400 4,400 1 4:44 0

Explanation / Answer

11.22%

Answer to 2.a

Sales Revenue Account increased by the largest Dollar of $39000.

Answer to 2.b

Retained Earnings account incresed by the largest percentage of 75.40%

Increase/(Decrease) Income Statement Current Year Previous Year Amount Percentage Sales Revenue            230,000                 191,000          39,000 20.42% Cost Of Goods Sold            135,650                 114,600          21,050 18.37% Gross Profit               94,350                   76,400          17,950 23.49% Operating Expenses               40,400                   34,130            6,270 18.37% Interest Expenses                 4,400                     3,630                770 21.21% Income Before Income Tax Expenses               49,550                   38,640          10,910 28.23% Income Tax Expenses (30%)               14,865                   11,592            3,273 28.23% Net Income               34,685                   27,048            7,637 28.23% Balace Sheet Income Statement Current Year Previous Year Amount Percentage Cash               35,085                   29,320            5,765 19.66% Accounts Receivable,Net               19,100                   16,400            2,700 16.46% Inventory               25,600                   22,400            3,200 14.29% Property And Equipment, Net            135,000                 125,000          10,000 8.00% Total Assets            214,785                 193,120          21,665 11.22% Accounts Payable               27,800                   25,600            2,200 8.59% Income Tax Payable                 3,400                     3,120                280 8.97% Note Payable(Long Term)               75,900                   91,400        (15,500) -16.96% Total Liabilities            107,100                 120,120        (13,020) -10.84% Common Stock (par$1)               27,000                   27,000                   -   0.00% Retained Earnings*               80,685                   46,000          34,685 75.40% Total Liabilities and Stockholders Equity            214,785                 193,120          21,665

11.22%

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