c. Carefully review Figure 12.22 (Comparative Balance Sheet for College Shop). Note that 20X7 is the first set of data shown on the left, and 20X6 is the second set of data shown on the right.

(1) Did the company's cash position improve or deteriorate from 20X6 to 20X7? Be sure to explain and use dollar amounts to support your answer.

(2) Which individual asset account was the primary cause of the company's increase in total assets from 20X6 to 20X7? Use several sentences with applicable dollar amounts to support your answer.

(3) Did the company's accounts payable improve or deteriorate from 20X6 to 20X7? Be sure to use dollar amounts to support your answer.

d. Which financial statement would you review to determine if a company was profitable for a period of time. Use several sentences and provide examples to support your answer.

PreviousNext