[The following information applies to the questions displayed below.] The...
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Accounting
[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 | $ | 191,000 | * | $ | 168,400 | |
Cost of goods sold | 113,900 | 101,500 | ||||
Gross profit | 77,100 | 66,900 | ||||
Operating expenses and interest expense | 58,000 | 55,000 | ||||
Pretax income | 19,100 | 11,900 | ||||
Income tax | 5,730 | 3,570 | ||||
Net income | $ | 13,370 | $ | 8,330 | ||
Balance sheet: | ||||||
Cash | $ | 4,900 | $ | 6,500 | ||
Accounts receivable (net) | 16,000 | 16,500 | ||||
Inventory | 41,300 | 32,300 | ||||
Operational assets (net) | 45,000 | 37,700 | ||||
$ | 107,200 | $ | 93,000 | |||
Current liabilities (no interest) | $ | 15,000 | $ | 16,000 | ||
Long-term liabilities (10% interest) | 44,800 | 44,800 | ||||
Common stock (par $5) | 29,800 | 29,800 | ||||
Retained earnings | 17,600 | 2,400 | ||||
$ | 107,200 | $ | 93,000 | |||
1. | Complete the following columns for each item in the preceding comparative financial statements: (Round your percentage answers to 2 decimal places.(i.e., 0.1234 should be entered as 12.34). Decreases should be indicated by a minus sign.)
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