ws 7 a4
glangsing
pinnacle_plus.xlsxPA13-1
| Student Name: | ||||||||
| Class: | ||||||||
| Problem A 13-1 | ||||||||
| PINNACLE PLUS | ||||||||
| Comparative Financial Statements | ||||||||
| December 31, 2013 | ||||||||
| Increase (Decrease) | ||||||||
| 2013 over 2012 | ||||||||
| 2013 | 2012 | Amount | Percent | |||||
| Income Statement | ||||||||
| Sales Revenue | $110,000 | $99,000 |
Jack Terry: Enter appropriate formulas in the yellow cells. Your calculations for percentage change will be verified. |
Jack Terry: HINT: use the =ROUND function rounding to four decimal places. | ||||
| Cost of Goods Sold | 52,000 | 48,000 | ||||||
| Gross Profit | 58,000 | 51,000 | ||||||
| Operating Expenses | 36,000 | 33,000 | ||||||
| Interest Expense | 4,000 | 4,000 | ||||||
| Income before Income Tax Expense | 18,000 | 14,000 | ||||||
| Income Tax Expense | 5,400 | 4,200 | ||||||
| Net Income | $12,600 | $9,800 | ||||||
| Balance Sheet | ||||||||
| Cash | $49,500 | $18,000 | ||||||
| Accounts Receivable (net) | 37,000 | 32,000 | ||||||
| Inventory | 25,000 | 38,000 | ||||||
| Property and Equipment (net) | 95,000 | 105,000 | ||||||
| Total Assets | $206,500 | $193,000 | ||||||
| Accounts Payable | ||||||||
| Income Tax Payable | $42,000 | $35,000 | ||||||
| Note Payable, Long-term | 1,000 | 500 | ||||||
| Total Liabilities | 40,000 | 40,000 | ||||||
| Capital Stock (par $10) | 83,000 | 75,500 | ||||||
| Retained Earnings | ||||||||
| Total Liabilities and Stockholders' Equity | 90,000 | 90,000 | ||||||
| Retained earnings | 33,500 | 27,500 | ||||||
| Total liabilities and stockholders' equity | $206,500 | $193,000 | ||||||
| Requirement 2: | ||||||||
|
x: Enter a short answer in the space provided. |
Given PA13-1
| Given Data PA13-1: | |||||
| PINNACLE PLUS | |||||
| Comparative Financial Statements | |||||
| December 31, 2013 | |||||
| 2013 | 2012 | ||||
| Income Statement | |||||
| Sales Revenue | $ 110,000 | $ 99,000 | |||
| Cost of Goods Sold | 52,000 | 48,000 | |||
| Gross Profit | 58,000 | 51,000 | |||
| Operating Expenses | 36,000 | 33,000 | |||
| Interest Expense | 4,000 | 4,000 | |||
| Income before Income Tax Expense | 18,000 | 14,000 | |||
| Income Tax Expense (30%) | 5,400 | 4,200 | |||
| Net Income | $ 12,600 | $ 9,800 | |||
| Balance Sheet | |||||
| Cash | 49,500 | 18,000 | |||
| Accounts Receivable, Net | 37,000 | 32,000 | |||
| Inventory | 25,000 | 38,000 | |||
| Property and Equipment Net | 95,000 | 105,000 | |||
| Total Assets | $ 206,500 | $ 193,000 | |||
| Accounts Payable | $ 42,000 | $ 35,000 | |||
| Income Tax Payable | 1,000 | 500 | |||
| Note Payable, Long-term | 40,000 | 40,000 | |||
| Total Liabilities | 83,000 | 75,500 | |||
| Capital Stock (par $10) | 90,000 | 90,000 | |||
| Retained Earnings | 33,500 | 27,500 | |||
| Total Liabilities and Stockholders' Equity | $ 206,500 | $ 193,000 | |||
| Additional Information: | |||||
| 1. One-half of all sales are on credit. | |||||
| 2. During 2013, cash dividends amounting to $6,600 were | |||||
| declared and paid. | |||||
