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EXERCISES Ex. 184 Selected financial information for Brant Corporation presented below. December 31,

Question : EXERCISES Ex. 184 Selected financial information for Brant Corporation presented below. December 31, : 1312008

 

EXERCISES

Ex. 184

Selected financial information for Brant Corporation is presented below.

December 31, 2013December 31, 2012

Current assets$  55,000$  45,000

Long-term liabilities92,00080,000

Retained earnings120,000100,000

 

Instructions

Prepare a schedule showing a horizontal analysis for 2013 using 2012 as the base year.

 

Ex. 185

Comparative information taken from the Wimbley Company financial statements is shown below:

2013                                             2012

(a)Notes receivable$  20,000$    -0-

(b)Accounts receivable175,000140,000

(c)Retained earnings30,000(40,000)

(d)Income taxes payable55,00020,000

(e)Sales900,000750,000

(f)Operating expenses160,000200,000

 

Instructions

Using horizontal analysis, show the percentage change from 2012 to 2013 with 2012 as the base year.

 

Ex. 186

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.

 

 

 

Solution
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