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Required: Complete the two final columns shown beside each item in Pinnacle Plus's comparative financial Statements. (Decreases should be indicated by a minus sign. Round your percentage values to 1 decimal place.)
PINNACLE PLUS Horizontal Analysis
Increase (Decrease) in the Current year (versus Previous year) Current Year Previous Year Amount Percentage
Income Statement Sales Revenue % 113,000 101,100 Cost of Goods Sold 52,600 48,300 Gross Profit 60,400 52,800 Operating Expenses 37,500 33,750 Interest Expense 4,300 4,300 Income before Income Tax Expense 16,600 14,750 Income Tax Expense (30%) 5,580 4,425 Net Income $ 13,020 10,325 Balance Sheet Cash 67,920 35,400 Accounts Receivable, Net 17,600 11,400 Inventory 25,300 33,600 Property and Equipment, Net 95,300 106,500 Total Assets 206,120 191,000 Accounts Payable $ 42,600 35,300 Income Tax Payable 1,600 500 Note Payable (long term) 43,000 43,000 Total Liabilities 87,200 79,100 Common Stock (par $10) 85,000 85,000 Retained Earnings 77, Total Liabilities and Stockholders Equity $206,120 $191,900 During the current year, cash dividends amounting to $6,900 were declared and paid.
