Question

Comparative information taken from the ADIB Bank financial statements is shown below:

2019 2018

(a)Accounts receivable$20,000 $-0-

(b)Inventory 182,000 140,000

(c)Net Income30,000 (40,000)

(d)Account payable44,00020,000

(e)Service Revenue960,000 750,000

(f)Administrative and Marketing expenses170,000200,000

Instructions

Using horizontal analysis, show the percentage change from 2018 to 2019 with 2018 as the base year.