M Final Exam x C Chegg Study I Guided so x C D ezto mheducation.com/ hm.tpx The

Question

M Final Exam x C Chegg Study I Guided so x C D ezto mheducation.com/ hm.tpx The comparative nancial statements prepared at December 31 for Tiger Audio showed the following summarized data: Required 1. Complete the two final columns shown beside each item in Tiger Audio's comparative financial statements. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place. TIGER AUDIO Horizontal Analysis Increase (Decrease) n Current versus Previous Previous Current Amount Percentage Income Statement 240.000 198.500 Sales Revenue Cost of Goods Sold 145,650 119,100 94.350 79.400 Gross Profit 41 400 Operating Expenses 34,630 900 080 Interest Expense 48.050 40.690 Income before Income Tax Expense Income Tax Expense (30%) 14,415 33635 28483 Net Income Balance Sheet Cash 22.035 18.470 16.900 19,850 Accounts Receivable, Net 26.350 22.900 Inventory 145.000 132.500 Property and Equipment, Net 213,235 190,770 Total Assets 28.800 26.350 Accounts Payable 3900 3520 Income Tax Payable 76400 90,400 Note Payable (long-term)

Explanation / Answer

Current previous increase(decrease)in amount %change Income statement Sales revenue 240000 198500 41500 20.91 Cost of good sold 145650 119100 26550 22.29 Gross profit 94350 79400 14950 18.83 Operating expenses 41400 34630 6770 19.55 Interest expenses 4900 4080 820 20.10 Income before income tax 48050 40690 7360 18.09 Income tax expenses 14415 12207 2208 15.54 Net income 33635 28483 5152 18.09% Balance sheet Cash 22035 18470 3565 19.30 Account receivables 19850 16900 2950 17.46 Investment 26350 22900 3450 15.07 Property&equipment 145000 132500 12500 9.43 Total asset 213235 190770 22465 11.78 account payable 28800 26350 2450 9.30 Income tax payable 3900 3520 380 10.80 Notes payable 76400 90400 (14000) (15.59) Total liability 109100 120270 (11170 (9.29) Common stock 29500 29500 0 0 Retained earnings 74635 41000 33635 82.04 Total liability and stock holder's equity 213235 190770 22465 11.78 Account increases by largest dollar amount=retained earnings Account increase by largest%=retained earnings

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