Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Compute trend percents for the following accounts using 2020 as the base year. For each of the three accounts, state whether the situation as revealed

Compute trend percents for the following accounts using 2020 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favourable or unfavourable. Sales Cost of goods sold Accounts receivable Numerator: 2024: 2023: 2022: 2021: 2024 $ 563,368 278,500 27,380 Numerator: 2023 $ 370,637 183,412 21,719 1 1 1 1 1 1 1 2024: 2023: 2022: 2021: 2020: Is the trend percent for Net Sales favourable or unfavourable? Trend Percent for Net Sales: 2022 $ 303,801 152,062 20,810 Denominator: Trend Percent for Cost of Goods Sold: 1 1 1 J 1 Denominator: 2021 $ 213,194 106,065 12,493 Prev RE = = = = 2020 $ 159,100 77,959 10,898 Trend percent 1 of 4 Trend percent % % % % % % % % % Next > NASANGRANAL W
image text in transcribed
image text in transcribed
Compute trend percents for the following accounts using 2020 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favourable or unfavourable. \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ Trend Percent for Cest of Goods Sold: } \\ \hline & Numerator: & 1 & Denominator: & & & \\ \hline & & 1 & F & = & \multicolumn{2}{|l|}{ Trend percent } \\ \hline 2024: & & 1 & 5 & = & & % \\ \hline 2023: & & 1 & & = & & % \\ \hline 2022: & & 1 & 8 & = & & % \\ \hline 2021: & & 1 & & = & & % \\ \hline 2020: & & 1 & E & = & & % \\ \hline \multicolumn{7}{|c|}{ is the trend percent for Cost of Goods Sold favourable or unfavourable? } \\ \hline \multicolumn{7}{|c|}{ Trend Percent for Accounts Receivable: } \\ \hline & Numerator: & 1 & Denominator: & & & \\ \hline & & l & & = & \multicolumn{2}{|l|}{ Trend percent } \\ \hline 2024: & & 1 & & = & & % \\ \hline 2023: & & 1 & F & = & & % \\ \hline 2022: & & 1 & & = & & % \\ \hline 2021: ? & & 1 & & = & & % \\ \hline 2020: & & 1 & E & = & & % \\ \hline Is the tr & end percent for Accounts R & & able or unfavourable? & & & \\ \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

Tax Accounting

Authors: Greg Shields

1st Edition

163716128X, 978-1637161289

More Books

Students also viewed these Accounting questions

Question

It would have become a big deal.

Answered: 1 week ago