Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. Complete the two final columns shown beside each item in Pinnacle Plus's comparative financial statements. 2-a. Which account increased by the largest dollar amount? 2-b. Which account increased by the largest percentage?

1. Complete the two final columns shown beside each item in Pinnacle Plus's comparative financial statements. 2-a. Which account increased by the largest dollar amount? 2-b. Which account increased by the largest percentage?

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 63P: Mike Sanders is considering the purchase of Kepler Company, a firm specializing in the manufacture...
See similar textbooks
icon
Related questions
Question
Pinnacle Plus declared and paid a cash dividend of $7,000 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Required: 1. Complete the two final columns shown beside each item in Pinnacle Plus's comparative financial statements. 2-a. Which account increased by the largest dollar amount? 2-b. Which account increased by the largest percentage? Complete this question by entering your answers in the tabs below. Reg 1 Income Statement Sales Revenue Cost of Goods Sold Gross Profit Req 2A Complete the two final columns shown beside each item in Pinnacle Plus's comparative financial statements. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net Total Assets Req 2B Accounts Payable Income Tax Payable Notes Payable (long-term) Total Liabilities Common Stock (par $10) Retained Earnings Total Liabilities and Stockholders' Equity PINNACLE PLUS Horizontal Analysis Current Year Previous Year $ 114,000 $ 101,800 52,800 48,400 61,200 53,400 38,000 34,000 4,400 4,400 18,800 15,000 5,640 4,500 13,160 $ 10,500 $ $ $ $ $ 66,060 $ 17,800 25,400 95,400 204,660 $ 42,800 $ 1,800 44,000 88,600 82,000 34,060 204,660 $ < Req 1 33,200 11,200 38,800 107,000 190,200 35,400 900 44,000 80,300 82,000 27,900 190,200 Increase (Decrease) in the Current year (versus Previous year) Percentage Amount Req 2A > % % % % % % % % % % % % % % % % % % %
Transcribed Image Text:Pinnacle Plus declared and paid a cash dividend of $7,000 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Required: 1. Complete the two final columns shown beside each item in Pinnacle Plus's comparative financial statements. 2-a. Which account increased by the largest dollar amount? 2-b. Which account increased by the largest percentage? Complete this question by entering your answers in the tabs below. Reg 1 Income Statement Sales Revenue Cost of Goods Sold Gross Profit Req 2A Complete the two final columns shown beside each item in Pinnacle Plus's comparative financial statements. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income Balance Sheet Cash Accounts Receivable, Net Inventory Property and Equipment, Net Total Assets Req 2B Accounts Payable Income Tax Payable Notes Payable (long-term) Total Liabilities Common Stock (par $10) Retained Earnings Total Liabilities and Stockholders' Equity PINNACLE PLUS Horizontal Analysis Current Year Previous Year $ 114,000 $ 101,800 52,800 48,400 61,200 53,400 38,000 34,000 4,400 4,400 18,800 15,000 5,640 4,500 13,160 $ 10,500 $ $ $ $ $ 66,060 $ 17,800 25,400 95,400 204,660 $ 42,800 $ 1,800 44,000 88,600 82,000 34,060 204,660 $ < Req 1 33,200 11,200 38,800 107,000 190,200 35,400 900 44,000 80,300 82,000 27,900 190,200 Increase (Decrease) in the Current year (versus Previous year) Percentage Amount Req 2A > % % % % % % % % % % % % % % % % % % %
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Income Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS