103,000 97,000
Required:
Assume that one-third of sales are on credit and that cash dividends of $3,000 were declared and paid in 2012. Then, complete a percentage
change income statement and a percentage change balance sheet for the company, using both amount and percentage changes from 2011 to 2012.
Answer
Amount %
Income Statement 2012 2011
Sales revenue $190,000 $167,000 $23,000 13.77
Cost of goods sold 112,000 100,000 12,000 12.00
Gross profit 78,000 67,000 11,000 16.42
Operating expenses and interest expense 56,000 53,000 3,000 5.66
Pretax income 22,000 14,000 8,000 57.14
Income tax 8,000 4,000 4,000 100.00
Net income 14,000 10,000 $ 4,000 40.00
Balance Sheet
Cash $ 4,000 $ 7,000 ($3,000) (42.86)
Accounts receivable (net) 14,000 18,000 (4,000) (22.22)
Inventory 40,000 34,000 (6,000) 17.65
Operational assets (net) 45,000 38,000 7,000 18.42
Total Assets 103,000 97,000 $ 6,000 6.19
Current liabilities (no interest) $ 16,000 $17,000 ($1,000) (5.88)
Long-term liabilities (10% interest) 45,000 45,000 0 0
Common stock (par $5) 30,000 30,000 0 0
Retained earnings 12,000 5,000 7,000 140.00
Total Liabilities and Shareholders’ Equity 103,000 97,000 $ 6,000 6.19
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