Question: Please help me :) Problem no. 2 The condensed comparative income statement and comparative balance sheet of Flower Corporation follow: begin{tabular}{|l|r|r|} hline Comparative Income Statement
Please help me :)Problem no. 2 The condensed comparative income statement and comparative balance sheet of Flower Corporation follow: \begin{tabular}{|l|r|r|} \hline Comparative Income Statement & & \\ \hline & 2019 & 2018 \\ \hline Sales & 1,625,600 & 1,573,200 \\ \hline Cost of goods Sold & 1,044,400 & 1,004,200 \\ \hline Gross Profit & 581,200 & 569,000 \\ \hline Operating Expenses & & \\ \hline Selling Expenses & 238,400 & 259,000 \\ \hline Administrative Expenses & 223,600 & 211,600 \\ \hline Interest Expenses & 32,800 & 19,600 \\ \hline Income Tax Expense & 31,200 & 28,400 \\ \hline Total Operating Expenses & 526,000 & 518,600 \\ \hline Net lncome & 55,200 & 50,400 \\ \hline \end{tabular} Comparative Balance Sheet ASSETS \begin{tabular}{|l|r|r|} \hline Cash & 40,600 & 20,400 \\ \hline Accounts Receivable (net) & 117,800 & 114,600 \\ \hline Inventory & 287,400 & 297,400 \\ \hline Plant, Property and Equipment (net) & 375,000 & 360,000 \\ \hline Total Assets & 820,800 & 792,400 \\ \hline \end{tabular} LIAABILITIES \& STOCKHOLDERS' EQUITY \begin{tabular}{|l|r|r|} \hline Accounts Payable & 133,800 & 238,600 \\ \hline Notes Payable & 100,000 & 200,000 \\ \hline Bonds Payable & 200,000 & 0 \\ \hline Capital Stock (P5 par value) & 200,000 & 200,000 \\ \hline Retained Earnings & 187,000 & 153,800 \\ \hline Total Liabilities \& Stockholders' Equity & 820,800 & 792,400 \\ \hline \end{tabular} Required: (Round percentages to one decimal point) 1. Prepare schedule showing amount and percentage changes from 2018 to 2019 for the corporate income taxes and balance sheet. 2. Prepare a common size income statement and balance sheet for 2018 and 2019. 3. Comment on the results found in 1 and 2 by identifying favorable and unfavorable changes in components and composition. (30 points)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
