Solve blue boxes The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized data:Year 2Year 1Statenent of EarningsSales revenue$380,678* $320, e00320, 27060, 400268, 00052, 000Cost of salesGross narginOperating expenses and interest expenseEarnings before income taxesIncome tax expense41,03019,37036, 60015,4007,448$ 11,9305,700$ 9,700Net earningsStatenent of Financial Position$ 4,11015, 13е43,718$ 8,10018, 00038, 20021, 800CashAccounts receivable (net)InventoryProperty, plant, and equipnent (net)25,020$ 87,970$ 14,53035,31018, 200$ 85, 100$ 17,60034, 10018, e00Current liabilities (no interest)Non-current liabilities (10% interest)Common shares (6, 200 shares)Retained earningst20, 130$ 87,97015, 48085, 100*One-third was credit sales.tDuring Year 2, cash dividends amounting to $7,200 were declared and pald.Required:1. Complete the following columns for each item in the preceding comparative financial statements (Negative answers should beindicated by a minus sign. Round percentage answers to 2 decimal places (l.e., 0.1243 should be entered as 12.43).):Increase (Decrease)Year 2 over Year 1АmountPercentageStatement of earnings:Sales revenueCost of salesGross marginOperating expenses and interest expenseEamings before income taxesIncome tax expenseNet earningsStatement of financial position:CashAccounts receivable (net)InventoryProperty, plant, and equipment (net)Current liabilitiesLong-term debtCommon sharesRetained earnings

Increase (Decrease) in amount = Amount of Year 2 - Amount of Year 1 Percentage of increase…

Answered: g comparative financial statements

Business

Accounting

g comparative financial statements

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 13E: Ratio of liabilities to stockholders equity and times interest earned The following data were taken...

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