Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Comparative financial statements for Bent Stew Enterprises are shown below: December 31 2014 2013 Assets Current assets: Cash $ 3,000 $ 800 Accounts receivable 8,500

Comparative financial statements for Bent Stew Enterprises are shown below:

December 31

20142013

Assets

Current assets:

Cash $ 3,000 $ 800

Accounts receivable 8,500 6,000

Inventory 12,000 8,200

Prepaid expenses1,400900

Total current assets 24,900 15,900

Property, plant, and equipment, net 103,600 123,300

Intangible assets, net64,00047,000

Total assets $192,500 $186,200

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $ 11,000 $ 12,000

Other current liabilities11,8003,200

Total current liabilities 22,800 15,200

Long-term debt120,000128,000

Total liabilities142,800143,200

Stockholders' equity:

Common stock 15,000 15,000

Additional paid-in capital 20,000 20,000

Retained earnings14,7008,000

Total stockholders' equity49,70043,000

Total liabilities and stockholders' equity $192,500 $186,200

Year Ended December 31

20142013

Sales $250,000 $ 230,000

Cost of goods sold164,000142,300

Gross margin 86,000 87,700

Operating expenses64,00054,000

Operating income 22,000 33,700

Interest expense7,5005,900

Earnings before income taxes 14,500 27,800

Income taxes7,8007,140

Net earnings $ 6,700 $ 20,660

Using horizontal analysis, how much is the percentage change in cash for Bent Stew Enterprises from 2013 to 2014?

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

Step: 3

blur-text-image

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

Modern Advanced Accounting In Canada

Authors: Murray Hilton

6th Edition

0070001537, 978-0070001534

More Books

Students also viewed these Accounting questions

Question

Briefly explain what a crisis management plan of action entails.

Answered: 1 week ago

Question

1. Offer surprise rewards for good participation in class.

Answered: 1 week ago