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I request help with preparing a horizontal analysis for both that shows percentage change. Really looking to check my work and make sure i've gotten
I request help with preparing a horizontal analysis for both that shows percentage change.
Really looking to check my work and make sure i've gotten it correct. Thanks in advance.
Section C Directions: Prepare a horizontal analysis using WeRBest Company's income statements and the balance sheets for 20-8 and 20-7. Show the increase (decrease) and the percentage change. Round percentages to two decimal places. WeRBest Company Comparative Income Statements For The Year Ended December 31, 20-8 and 20-7 Increase (Decrease) Percent 20-8 $357.920 110,975 246,945 20-7 $238.750 97,830 140,920 Net sales Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Interest expense Total operating expenses Income before income taxes Income tax expense Net income 29,850 52,325 2.500 84,675 162.270 55,172 $ 107,098 43.110 50.000 1,085 94,195 46,725 12,487 $ 34,238 WeRBest Company Comparative Balance Sheets December 31, 20-8 and 20-7 Increase (Decrease) 20-8 20-7 Percent $ 18,450 $ 84,500 1,003,000 10,000 40,000 102,700 975,635 9,500 Assets: Cash Accounts receivable (net) Merchandise inventory Supplies Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity: 1,538,500 1,049,000 $2,654,450 $2,176,835 Accounts payable Bonds payable Common stock ($5 par) Paid-in capital in excess of par Retained earnings Total liabilities and stockholders' equity $ 147,000 750,000 1,000,000 300,000 457,450 $ 70,000 650,000 850,000 200,000 406,835 $2,654,450 $2,176,835Step by Step Solution
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