From the information about Vargo Corporation in Figures 22.16 and 22.17, do the following: Comparative Income Statement

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From the information about Vargo Corporation in Figures 22.16 and 22.17, do the following:

Comparative Income Statement for Vargo Corporation

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Comparative Balance Sheet for Vargo Corporation

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(c) 2020 Current assets 63%

1. For each year calculate its current ratio and acid test ratio.

2. For each year prepare the income statement in common-size percentages. (Round to the nearest tenth of a percent.)

3. Prepare a trend analysis of the balance sheet using 2018 as the base year. (Round to the nearest percent.)

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

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