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The following financial statements are taken from the records of Jade Inc. Use the horizontal analysis techniques to compare the changes between 2013 and 2012

The following financial statements are taken from the records of Jade Inc.

Use the horizontal analysis techniques to compare the changes between 2013 and 2012 balance sheet items.

Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Round your answers to 2 decimal places.

Jade Inc. Balance Sheet As at August 31
2013 2012 $ Change % Change
Current Assets
Cash $326,000 $315,900 $Answer Answer%
Accounts Receivable $197,700 $153,300 $Answer Answer%
Inventory $397,700 $395,800 $Answer Answer%
Short-Term Investments $103,200 $119,100 $Answer Answer%
Total Current Assets $1,024,600 $984,100 $Answer Answer%
Long-Term Assets $346,500 $315,900 $Answer Answer%
Total Assets $1,371,100 $1,300,000 $Answer Answer%
Current Liabilities $222,100 $212,900 $Answer Answer%
Long-Term Liabilities $128,800 $113,700 $Answer Answer%
Total Liabilities $350,900 $326,600 $Answer Answer%
Stockholders Equity $1,020,200 $973,400 $Answer Answer%
Total Liabilities and Equity $1,371,100 $1,300,000 $Answer Answer%

b) Prepare a common-size income statement for 2013 and state all the income statement items as a percentage of net sales.

Jade Inc. Income Statement For the Year Ended August 31
2013 2013
Sales $791,700 Answer%
Cost of Goods Sold $358,600 Answer%
Gross Profit $433,100 Answer%
Operating Expenses:
Advertising $3,800 Answer%
Utilities $5,100 Answer%
Rent Expense $3,600 Answer%
Salaries and Wages $56,400 Answer%
Depreciation $34,650 Answer%
Total Operating Expenses $103,550 Answer%
EBIT $329,550 Answer%
Interest $7,730 Answer%
Operating Profit before tax $321,820 Answer%
Income Tax $50,100 Answer%
Net Profit $271,720 Answer%

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