Atlantis Inc. reported the following data: Increase (Decrease) (in millions) 201
ID: 2499224 • Letter: A
Question
Atlantis Inc. reported the following data:
Increase (Decrease)
(in millions)
2015
2014
Amount
Percentage
Assets
Current Assets:
Cash
$10,000
$7,200
$2,800
38.9%
Accounts Receivable, net
15,600
16,800
(1,200)
(7.1)%
Merchandise Inventory
38,000
31,000
7,000
22.6%
Total Current Assets
63,600
55,000
8,600
15.6%
Property, plant and equipment, net
195,000
168,000
27,000
16.1%
Other long term assets
15,000
27,100
(12,100)
(44.6%)
Total assets
$273,600
$250,100
$23,500
9.4%
Liabilities
Current liabilities:
Accounts payable
$8,500
$7,300
$1,200
16.4%
Other current liabilities
1,400
3,900
(2,500)
(64.1%)
Total current liabilities
9,900
11,200
(1,300)
(11.6%)
Long term notes payable
54,000
30,000
24,000
80.0%
Total liabilities
$63,900
41,200
$22,700
55.1%
Stockholders’ Equity
Common stock
$12,000
$12,000
$0
0.0%
Paid in capital in excess of par
$149,000
149,000
0
0.0%
Retained earnings
48,700
47,900
800
1.7%
Total stockholders’ equity
$209,700
$208,000
$800
0.4%
Total liabilities and stockholders’ equity
$273,600
$250,100
$23,500
9.4%
The horizontal report shows that the amount of total liabilities has:
increased by $2,500.
decreased by $2,500.
increased by $22,700.
increased by $24,000.
Increase (Decrease)
(in millions)
2015
2014
Amount
Percentage
Assets
Current Assets:
Cash
$10,000
$7,200
$2,800
38.9%
Accounts Receivable, net
15,600
16,800
(1,200)
(7.1)%
Merchandise Inventory
38,000
31,000
7,000
22.6%
Total Current Assets
63,600
55,000
8,600
15.6%
Property, plant and equipment, net
195,000
168,000
27,000
16.1%
Other long term assets
15,000
27,100
(12,100)
(44.6%)
Total assets
$273,600
$250,100
$23,500
9.4%
Liabilities
Current liabilities:
Accounts payable
$8,500
$7,300
$1,200
16.4%
Other current liabilities
1,400
3,900
(2,500)
(64.1%)
Total current liabilities
9,900
11,200
(1,300)
(11.6%)
Long term notes payable
54,000
30,000
24,000
80.0%
Total liabilities
$63,900
41,200
$22,700
55.1%
Stockholders’ Equity
Common stock
$12,000
$12,000
$0
0.0%
Paid in capital in excess of par
$149,000
149,000
0
0.0%
Retained earnings
48,700
47,900
800
1.7%
Total stockholders’ equity
$209,700
$208,000
$800
0.4%
Total liabilities and stockholders’ equity
$273,600
$250,100
$23,500
9.4%
Explanation / Answer
increased by $22,700,
Note:- total liability at 2014 = $41200
Add: Net liability add during the year = $22700
total liability = $63900
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