Prepare schedules showing the amount and percentage changes from 2013 to 2014 for the comparative income statements. Round your answers for the last column “Increase or Decrease Percentage” to one decimal place.
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Rylander Corporation’s condensed comparative income statements and comparative balance sheets for 2014 and 2013 follow.
| Rylander Corporation | |||
| Comparative Income Statements | |||
| For the Years Ended December 31, 2014 and 2013 | |||
| 2014 | 2013 | ||
| Net sales | $6,553,600 | $6,292,800 | |
| Cost of goods sold | 4,177,600 | 4,016,800 | |
| Gross margin | $2,376,000 | $2,276,000 | |
| Operating expenses: | |||
| Selling expenses | $ 953,600 | $1,036,000 | |
| Administrative expenses | 894,400 | 846,400 | |
| Total operating expenses | $1,848,000 | $1,882,400 | |
| Income from operations | $ 528,000 | $ 393,600 | |
| Interest expense | 131,200 | 78,400 | |
| Income before income taxes | $ 396,800 | $ 315,200 | |
| Income taxes expense | 124,800 | 113,600 | |
| Net income | $ 272,000 | $ 201,600 | |
| Earnings per share | $ 3.40 | $ 2.52 | |
| Rylander Corporation | |||
| Comparative Balance Sheets | |||
| December 31, 2014 and 2013 | |||
| 2014 | 2013 | ||
| Assets | |||
| Cash | $ 162,400 | $ 81,600 | |
| Accounts receivable (net) | 471,200 | 458,400 | |
| Inventory | 1,149,600 | 1,189,600 | |
| Property, plant, and equipment (net) | 1,500,000 | 1,440,000 | |
| Total assets | $3,283,200 | $3,169,600 | |
| Liabilities and Stockholders’ Equity | |||
| Accounts payable | $ 535,200 | $ 954,400 | |
| Notes payable (short-term) | 400,000 | 800,000 | |
| Bonds payable | 800,000 | – | |
| Common stock, $10 par value | 800,000 | 800,000 | |
| Retained earnings | 748,000 | 615,200 | |
| Total liabilities and stockholders’ equity | $3,283,200 | $3,169,600 | |
| 1. Prepare schedules showing the amount and percentage changes from 2013 to 2014 for the comparative income statements. Round your answers for the last column “Increase or Decrease Percentage” to one decimal place.
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Prepare schedules showing the amount and percentage changes from 2013 to 2014 for the comparative balance sheets. Round your answers for the last column “Increase or Decrease Percentage” to one decimal place. If an amount box does not require an entry, enter “0”.
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