Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Condensed data from the comparative statement of financial position of Vermillion Inc. follow: 2021 2020 2019 Current assets $123,000 $109,000 $100,000 Non-current assets 397,000 334,000

Condensed data from the comparative statement of financial position of Vermillion Inc. follow:

2021 2020 2019
Current assets $123,000 $109,000 $100,000
Non-current assets 397,000 334,000 301,000
Current liabilities 111,000 101,000 95,000
Non-current liabilities 91,000 111,000 121,000
Common shares 111,000 101,000 101,000
Retained earnings 207,000 130,000 84,000

(a)

Using horizontal analysis, calculate the percentage of a base-year amount, using 2019 as the base year. (Round answers to 1 decimal place, e.g. 15.2%.)

VERMILLION INC. Horizontal Analysis of Statement of Financial Position (% of base-year amount)
2021 2020 2019
Current assets enter percentages % enter percentages % enter percentages %
Non-current assets enter percentages % enter percentages % enter percentages %
Current liabilities enter percentages % enter percentages % enter percentages %
Non-current liabilities enter percentages % enter percentages % enter percentages %
Common shares enter percentages % enter percentages % enter percentages %
Retained earnings enter percentages % enter percentages %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions