Question :
167. Comparative information taken from the Aster Company financial statements shown : 1234284
167. Comparative information taken from the Aster Company financial statements is shown below:
2008__ 2007__
(a)Notes receivable$ 10,000$ -0-
(b)Accounts receivable172,000140,000
(c)Retained earnings30,000(40,000)
(d)Sales830,000750,000
(e)Operating expenses170,000200,000
(f)Income taxes payable25,00020,000
InstructionsUsing horizontal analysis, show the percentage change from 2007 to 2008 with 2007 as the base year.
168. The following items were taken from the financial statements of Saintley, Inc., over a three-year period:
Item
2008
2007
2006
Net Sales
$355,000
$336,000
$300,000
Cost of Goods Sold
214,000
206,000
186,000
Gross Profit
$141,000
$130,000
$114,000
Compute the following for each of the above time periods.
(a)
The amount and percentage change from 2007 to 2008.
(b)
The amount and percentage change from 2006 to 2007.
169. The comparative balance sheet of Drango Company appears below:
HUERTO COMPANYComparative Balance SheetDecember 31, 2007
Assets
2007
2006
Current assets
$ 340
$280
Plant assets
675
520
Total assets
$1,015
$800
Liabilities and stockholders’ equity
Current liabilities
$ 180
$120
Long-term debt
250
160
Common stock
325
320
Retained earnings
260
200
Total liabilities and stockholders’ equity
$1,015
$800
Instructions
(a)
Using horizontal analysis, show the percentage change for each balance sheet item using 2006 as a base year.
(b)
Using vertical analysis, prepare a common size comparative balance sheet.
170. Condensed data taken from the ledger of Jefferson Company at December 31, 2006 and 2005, are as follows:
2006
2005
Current assets
$150,000
$130,000
Property, plant, and equipment
450,000
400,000
Intangible assets
20,700
30,000
Current liabilities
70,000
80,000
Long-term liabilities
200,000
250,000
Common stock
225,000
150,000
Retained earnings
125,700
80,000
Prepare a comparative balance sheet, with horizontal analysis, for December 31, 2006 and 2005. (Round percents to one decimal point.)
171. Revenue and expense data for Malden Company are as follows:
2006
2005
Administrative expenses
$ 37,000
$ 20,000
Cost of goods sold
400,000
320,000
Income tax
40,000
32,000
Net sales
900,000
700,000
Selling expenses
190,000
110,000
(a)
Prepare a comparative income statement, with vertical analysis, stating each item for both 2006 and 2005 as a percent of sales.
(b)
Comment upon significant changes disclosed by the comparative income statement.
