Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Horizontal and Vertical Analysis Plato Clothing Company specializes in selling apparel for special occasions. In 2022 and 2023, Plato's account balances were as follows: 2023
Horizontal and Vertical Analysis Plato Clothing Company specializes in selling apparel for special occasions. In 2022 and 2023, Plato's account balances were as follows: 2023 2022 Accounts receivable $6,750 $31,500 Merchandise inventory 900 9,900 Total assets 266,960 273.750 Net sales 227,000 190,000 Cost of goods sold 09.060 75.400 Required: 1. Calculate the change in each of the Plato's accounts from 2022 to 2023. Enter negative sign for decrease values. Accounts receivable Merchandise inventory Total assets Net sales Cost of goods sold 00000 2. Indicate what happened from 2022 to 2023 to accounts receivable and merchandise inventory as a percentage of total assets. Round your answers to the nearest whole percent. Accounts receivable Merchandise inventory from from % in 2022 to in 2022 to % in 2023. % in 2023. Indicate what happened from 2022 to 2023 to cost of goods sold as a percentage of net sales. Round your answers to the nearest whole percent. Cost of goods from % in 2022 to % in sold 2023
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started