Question
Exercise 15-7 Trend Percentages [LO15-1] Rotorua Products, Ltd., of New Zealand markets agricultural products for the burgeoning Asian consumer market. The companys current assets, current
Exercise 15-7 Trend Percentages [LO15-1]
| Rotorua Products, Ltd., of New Zealand markets agricultural products for the burgeoning Asian consumer market. The companys current assets, current liabilities, and sales have been reported as follows over the last five years (Year 5 is the most recent year): |
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||||||||||
| Sales | $ | 4,510,890 | $ | 4,736,890 | $ | 5,085,640 | $ | 5,506,810 | $ | 5,672,380 | |||||
| Cash | $ | 97,340 | $ | 100,751 | $ | 98,697 | $ | 84,174 | $ | 76,980 | |||||
| Accounts receivable, net | 414,957 | 430,109 | 443,967 | 513,972 | 567,809 | ||||||||||
| Inventory | 815,127 | 869,968 | 816,119 | 890,522 | 910,744 | ||||||||||
| Total current assets | $ | 1,327,424 | $ | 1,400,828 | $ | 1,358,783 | $ | 1,488,668 | $ | 1,555,533 | |||||
| Current liabilities | $ | 319,775 | $ | 331,765 | $ | 328,889 | $ | 333,780 | $ | 397,480 | |||||
| Required: | |
| 1. | Express all of the asset, liability, and sales data in trend percentages. Use Year 1 as the base year. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) |
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Auditing An International Approach
Authors: Bahram Soltani
1st Edition
9780273657736
