Question

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The comparative financial statements prepared at December 31, 2015, for Prince Company showed the following summarized data:

	2015			2014
Income statement:
Sales revenue	$	191,000	*	$	168,400
Cost of goods sold		113,900			101,500
Gross profit		77,100			66,900
Operating expenses and interest expense		58,000			55,000
Pretax income		19,100			11,900
Income tax		5,730			3,570
Net income	$	13,370		$	8,330
Balance sheet:
Cash	$	4,900		$	6,500
Accounts receivable (net)		16,000			16,500
Inventory		41,300			32,300
Operational assets (net)		45,000			37,700
	$	107,200		$	93,000
Current liabilities (no interest)	$	15,000		$	16,000
Long-term liabilities (10% interest)		44,800			44,800
Common stock (par $5)		29,800			29,800
Retained earnings		17,600			2,400
	$	107,200		$	93,000

1.

Complete the following columns for each item in the preceding comparative financial statements: (Round your percentage answers to 2 decimal places.(i.e., 0.1234 should be entered as 12.34). Decreases should be indicated by a minus sign.)

PRINCE COMPANY
Income Statement
At December 31, 2015
	Increase (Decrease)
	2015 over 2014
	Amount	Percent
Sales revenue			%
Cost of goods sold			%
Gross profit			%
Operating expenses and interest expense			%
Pretax income			%
Income tax			%
Net income			%

PRINCE COMPANY
Balance Sheet
At December 31, 2015
	Increase (Decrease)
	2015 over 2014
	Amount	Percent
Cash			%
Accounts receivable (net)			%
Inventory			%
Operational assets (net)			%
	$0		%
Current liabilities (no interest)			%
Long-term liabilities (8% interest)
Common stock (par $5)
Retained earnings			%
	$0		%

	By what amount did working capital change?

Answer 1