The following information applies to the ques The following information applies

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The following information applies to the ques The following information applies to the questions displayed below] The comparative financial statements for Prince Company are below: Sales revenue Cost of goods sold Gross profit $167,200 101,300 78,300 65,900 $190,600 56,500 21,800 53500 12,400 Pretax Income Income tax Net income Balance sheet: 6,540 $ 15,260 $ 8,680 s 4800 14,600 6,50 17600 34,000 37,800 $95,900 $ 16,400 43,300 29,000 7,200 $ 95,900 Accounts receivable (net) 45,300 Property and equipment (net) Total assets Current llabilities (no interest Long-term liabilities (9 interest) Common stock ($5 par value, 5,800 shares outstanding) $ 15,400 43,300 29,000 18,500 $ 106,200 d earnings Total lilabilities and stockholders' equity

Explanation / Answer

1. PRINCE COMPANY

INCOME STATEMENT

AT December 31, YEAR 2

2. PRINCE COMPANY

BALANCE SHEET

At December 31, Year 2

PARTICULARS Increase (Decrease) Year 1 over Year 2

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