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
$
367,950
*
$
310,000
Cost of sales
312,170
262,000
Gross margin
55,780
48,000
Operating expenses and interest expense
37,410
33,400
Earnings before income taxes
18,370
14,600
Income tax expense
6,310
4,800
Net earnings
$
12,060
$
9,800
Statement of Financial Position
Cash
$
4,270
$
8,400
Accounts receivable (net)
16,830
20,000
Inventory
48,350
42,000
Property, plant, and equipment (net)
29,810
25,000
$
99,260
$
95,400
Current liabilities (no interest)
$
11,820
$
14,200
Non-current liabilities (10% interest)
40,480
39,200
Common shares (6,000 shares)
24,000
24,000
Retained earnings†
22,960
18,000
$
99,260
$
95,400
*One-third was credit sales.
†During Year 2, cash dividends amounting to $7,100 were declared
and paid.
Required:
1. Complete the following columns for each item in the preceding
comparative financial statements (Negative answers should
be indicated by a minus sign. Round percentage answers to 2 decimal
places (i.e., 0.1243 should be entered as 12.43).):
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