D Question 22 The following is a summary of information presented on the f state

Question

D Question 22 The following is a summary of information presented on the f statements of a company on December 31, 2017. Account Current Assets Accounts Receivable Merchandise Inventory Current Liabilities Long-term Liabilities Common Stock Retained Earnings With respect to long-term liabilities, a horizontal analysis reveal 2017 2016 $85,000 $75,000 65,000 69,000 66,000 59,000 56,000 48,000 40,000 45,000 75,000 60,000 65,000 46,000 long-term liabilities decreased by $15,000 long-term liabilities decreased by $8,000 O long-term liabilities decreased by 25.00% O long-term liabilities decreased by 11.11%

Explanation / Answer

2017 2016 Long term liabilities 40000 45000 Decrease 5000 Decrease % = 5000/45000 = 11.11% Answer: Long term liabilities decreased by 11.11%

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