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The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the...

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Accounting

The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized dala
Year 2
Year 1
Statement of Earnings
Sales revenue
Cost of sales
Gross profit
Operating expenses and interest expense
Earnings before income taxes
Income tax expense
Net earnings
Statement of Financial Position
Cash
Accounts receivable (net)
Inventory
Property, plant, and equipment (net)
02:27:10
$220,520* $185,000
157,660
131,000
62,860
54,000
48,870
42,900
13,990
11,100
3,390
2,500
$ 10,600
8,600
eBook
$
3,830
$
7,500
16,880
20,000
42,680
37,000
47,190
39,500
$110,580 $104,000
$ 14,960 $ 17,500
49,620
43,000
24,
000
24,000
22,000
19
500
$110,580 $104,000
Current liabilities (no interest)
Long-term debt (interest rate: 10%)
Common shares (6,000 shares)
Retained earningst
was credit sales.
adeamounting to $8,100 were declared and paid.

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