Name(s): Ex. 192 Selected financial inf ormation for Brant Corporation is presen

Question

Name(s): Ex. 192 Selected financial inf ormation for Brant Corporation is presented below December 31, 2013December 31, 2012 Current assets Long-term liabilities Retained earnings 55,000 92,000 120,000 45,000 80,000 100,000 Instructions Prepare a schedule showing a horizontal analysis for 2013 using 2012 as the base year. Ex. 193 Comparative information taken from the Wimbley Company financial statements is shown below: 20132012 (a) Notes receivable (b) Accounts receivable (c). Retained earnings (d) Income taxes payable (e) Sales (1) Operating expenses $ 20,000 175,000 30,000 55,000 900,000 160,000 140,000 (40,000) 20,000 750,000 200,000 Instructions Using horizontal analysis, show the percentage change from 2012 to 2013 with 2012 as the base year. Ex. 194 Fork Corporation had net income of $2,000,000 in 2011. Using 2011 as the base year, net incom decreased by 75% in 2012 and increased by 190% in 2013. Instructions Compute the net income reported by Fork Corporation for 2012 and 2013. Ex. 195 The following items were taken from the financial statements of Rug, Inc., over a four-year period: tem Net Sales Cost of Goods Sold Gross Profit 2014201320122011 $900,000 $650,000 $600,000 $500,000 580,000 460,000 420,000 400,000 5320,000 $190000 $180.000$100.000

Explanation / Answer

192 Horizontal analysis dec 31, 2013 Dec 31,2012 Net increase / decrease % change Current assets 55000 45000 10000 22.22% Long term liabilities 92000 80000 12000 15.00% Retained earnings 120000 100000 20000 20.00%

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