Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Atlantic Corporation reported the following financial statements: (Click the icon to view the financial statements.) Horizontal analysis of Atlantic's balance sheet for 2025 would report

image text in transcribed
image text in transcribed
image text in transcribed
Atlantic Corporation reported the following financial statements: (Click the icon to view the financial statements.) Horizontal analysis of Atlantic's balance sheet for 2025 would report A. Cash as 9.18% of total assets. B. a current ratio of 1.03 . C. a 17% increase in Cash and Cash Equivalents. D. inventory turnover of 7 times. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{\begin{tabular}{l} Atlantic Corporation \\ Comparative Balance Sheet \\ December 31,2025 and 2024 \end{tabular}} \\ \hline & & 2025 & 2024 \\ \hline Assets & \multicolumn{3}{|c|}{4} \\ \hline \multicolumn{4}{|l|}{ Current Assets: } \\ \hline Cash and Cash Equivalents & s & 2,369$ & 2,017 \\ \hline Accounts Receivable & & 1,968 & 1,718 \\ \hline Merchandise Inventory & & 1,348 & 1,121 \\ \hline Prepaid Expenses & & 1.571 & 2,088 \\ \hline Total Current Assets & & 7,256 & 6,944 \\ \hline Other Assets & & 18,562 & 16,132 \\ \hline Total Assets & s & 25,818S & 23,076 \\ \hline \multicolumn{4}{|l|}{ Liabilities } \\ \hline Current Liabilities & s & 7,045s & 8,197 \\ \hline Long-term Liabilities & & 4,940 & 3,454 \\ \hline Total Liabilities & & 11,985 & 11,651 \\ \hline \multicolumn{4}{|l|}{ Stockholders' Equity } \\ \hline Common Stock, no par & & 7,433 & 5,525 \\ \hline Retained Earnings & & 6,400 & 5,900 \\ \hline Total Stockholders' Equity & & 13,833 & 11,425 \\ \hline Total Liabilities and Stockholders' Equity & $ & 25,8185 & 23,076 \\ \hline \end{tabular} Atlantic Corporation Income Statement Year Ended December 31, 2025 \begin{tabular}{lr} Net Sales Revenue & 31,331 \\ \hline Cost of Goods Sold & 8,645 \\ \hline Gross Profit & 22,686 \\ Operating Expenses & 6,717 \\ \hline Operating Income & 15,969 \\ Interest Expense & 245 \\ \hline Income Before Income Taxes & 15,724 \\ Income Tax Expense & 2,937 \\ \hline Net Income & 12,787 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Self Study Problems/Solutions Book

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

4th Edition

0471205133, 978-0471205135

More Books

Students also viewed these Accounting questions

Question

Is this course of action likely to succeed?

Answered: 1 week ago

Question

Draw a labelled diagram of the Dicot stem.

Answered: 1 week ago