Complete a percentage change income statement and a percentage change balance sheet for the company, using both ($) amount and percentage changes from 2019 to 2020. Change (2019 to 2020)Amount ($)Income Statement20202019%Sales revenue$190,000$167,000Cost of goods soldGross profitOperating expenses and interest expense112,000100,00078,00067,00053,00014,00056,00022,0008,000$14,000Pretax incomeIncome tax4,000Net income$10,000Balance SheetCash$4,000$7,000Accounts receivable (net)14,00018,000Inventory40,00034,000Operational assets (net)45,000$103,00038,000Total Assets$97,000$17,000Current liabilities (no interest)$16,000Long-term liabilities (10% interest)Common stock (par $5)Retained earnings45,00045,00030,00030,00012,0005,000Total Liabilities & Owner's Equity$103,000$97,000

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Description: Complete a percentage change income statement and a percentage change balance sheet for the company, using both ($) amount and percentage changes from 2019 to 2020. Change (2019 to 2020)Amount ($)Income Statement20202019%Sales revenue$190,000$167,000

Profit and loss statements and Balance sheets both are the most important financial statements of a…

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Complete a percentage change income statement and a percentage change balance sheet

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 24CE

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