Required information [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below: Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Year 2 Year 1 $ $ 190,000 167,000 112,000 100,000 78,000 67,000 56,000 53,000 22,000 14,000 8,000 4,000 Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 10%) Common stock ($5 par value, 6,000 shares outstanding) $ 14,000 $10,000 $ 4,000 $7,000 14,000 40,000 18,000 34,000 45,000 38,000 $ 103,000 $ 97,000 $ 16,000 $17,000 45,000 45,000 30,000 30,000 Retained earnings 12,000 5,000 Total liabilities and stockholders' equity $ 103,000 $ 97,000 Required: 1. Complete the following columns for each item in the preceding comparative financial statements: Complete this question by entering your answers in the tabs below. Income Balance stateme... sheet
Required information [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below: Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Year 2 Year 1 $ $ 190,000 167,000 112,000 100,000 78,000 67,000 56,000 53,000 22,000 14,000 8,000 4,000 Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 10%) Common stock ($5 par value, 6,000 shares outstanding) $ 14,000 $10,000 $ 4,000 $7,000 14,000 40,000 18,000 34,000 45,000 38,000 $ 103,000 $ 97,000 $ 16,000 $17,000 45,000 45,000 30,000 30,000 Retained earnings 12,000 5,000 Total liabilities and stockholders' equity $ 103,000 $ 97,000 Required: 1. Complete the following columns for each item in the preceding comparative financial statements: Complete this question by entering your answers in the tabs below. Income Balance stateme... sheet
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 3E
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Question
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![Required information
[The following information applies to the questions displayed below.]
The comparative financial statements for Chinook Company are below:
Income statement
Sales revenue
Cost of goods sold
Gross profit
Operating expenses and interest expense
Pretax income
Income tax
Net income
Balance sheet
Cash
Year 2
Year 1
$
$
190,000
167,000
112,000 100,000
78,000
67,000
56,000
53,000
22,000
14,000
8,000
4,000
$ 14,000 $10,000
$ 4,000 $ 7,000
Accounts receivable (net)
Inventory
Property and equipment (net)
Total assets
Current liabilities (no interest)
Long-term liabilities (interest rate: 10%)
Common stock ($5 par value, 6,000 shares
outstanding)
Retained earnings
14,000
18,000
40,000
34,000
45,000
38,000
$
$ 97,000
103,000
$ 16,000 $17,000
45,000
45,000
30,000 30,000
12,000 5,000
$
Total liabilities and stockholders' equity
$ 97,000
103,000
Required:
1. Complete the following columns for each item in the preceding comparative financial statements:
Complete this question by entering your answers in the tabs below.
Income Balance
stateme.... sheet
Complete the following columns for each item in the preceding comparative financial
statements:
Note: Enter your percentage answers rounded to 2 decimal places (i.e. 0.1234 should be
entered as 12.34). Decreases should be indicated by a minus sign.
Sales revenue
CHINOOK COMPANY
Income Statement
Increase (Decrease)
from Year 1 to Year 2
Amount Percent
%
%
%
%
%
%
%
Income statement
Balance sheet >
Cost of goods sold
Gross profit
Operating expenses and interest
expense
Pretax income
Income tax
Net income
Show less▲](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F36554838-dd80-4160-a0c1-0797f3548619%2Fb245ebba-9093-4253-97ef-0ffe0474163f%2F58k6gu9_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The comparative financial statements for Chinook Company are below:
Income statement
Sales revenue
Cost of goods sold
Gross profit
Operating expenses and interest expense
Pretax income
Income tax
Net income
Balance sheet
Cash
Year 2
Year 1
$
$
190,000
167,000
112,000 100,000
78,000
67,000
56,000
53,000
22,000
14,000
8,000
4,000
$ 14,000 $10,000
$ 4,000 $ 7,000
Accounts receivable (net)
Inventory
Property and equipment (net)
Total assets
Current liabilities (no interest)
Long-term liabilities (interest rate: 10%)
Common stock ($5 par value, 6,000 shares
outstanding)
Retained earnings
14,000
18,000
40,000
34,000
45,000
38,000
$
$ 97,000
103,000
$ 16,000 $17,000
45,000
45,000
30,000 30,000
12,000 5,000
$
Total liabilities and stockholders' equity
$ 97,000
103,000
Required:
1. Complete the following columns for each item in the preceding comparative financial statements:
Complete this question by entering your answers in the tabs below.
Income Balance
stateme.... sheet
Complete the following columns for each item in the preceding comparative financial
statements:
Note: Enter your percentage answers rounded to 2 decimal places (i.e. 0.1234 should be
entered as 12.34). Decreases should be indicated by a minus sign.
Sales revenue
CHINOOK COMPANY
Income Statement
Increase (Decrease)
from Year 1 to Year 2
Amount Percent
%
%
%
%
%
%
%
Income statement
Balance sheet >
Cost of goods sold
Gross profit
Operating expenses and interest
expense
Pretax income
Income tax
Net income
Show less▲
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