Name(s) Ex. 192 Selected financial information for Brant Corporation is present

Question

Name(s) Ex. 192 Selected financial information for Brant Corporation is present Date: ed below Current assets Long-term liabilities Retained earnings December 31,2013 55,000 92,000 120,000 December 31, 2012 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 2013 12 (a) Notes receivable (b) Accounts receivable (c) Retained earnings (d) Income taxes payable (e) Sales (f) Operating expenses 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 income 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 $ 20,000 175,000 30,000 55,000 900,000 160,000 140,000 (40,000) 20,000 750,000 200,000 20132012 $900,000 $650,000 $600,000 $500,000 580,000460,000 420,000 400,000 320000 $190,000 $80,000 $100,000 Item 201 Net Sales Cost of Goods Sold Gross Profit

Explanation / Answer

SOLUTION

Ex. 192

Percentage-

Current assets- 10,000 / 45,000 = 22%

Long term liabilities - 12,000 / 80,000 = 15%

Retained earnings - 20,000 / 100,000 = 20%

Retained earnings

2013 ($) 2012 ($) Increase / Decrease Amount ($) Percentage Current assets 55,000 45,000 10,000 22% Long-term liabilities 92,000 80,000 12,000 15% Retained Earnings 120,000 100,000 20,000 20%

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