2 of 3 Excitingpart's Closet Statement of Financial Position As of Nov. 30, 2015 Dec. 31, 2014 60,000 740,000 600,000 800,000 2200000 Cash 270,000 500,000 Accounts Receivable Inventory Machinery Total Assets 400,000 850,000 2020000 Accounts Payable Salaries Payable 400,000 150,000 400,000 200,000 1,600,000 1800000 2200000 500,000 150,000 500,000 200.000 Total Liabilities Capital Stock Accumulated Profit 1,320,000 Total Equity 1520000 Total Liabilities and Equity 2020000 Excitingpart's Closet Income Statement For the years ended Nov. 30, 2015 Dec. 31, 2014 600,000 Sales 800,000 300,000 Cost of Goods Sold 225,000 Operating Expenses Operating Income Machinery Net Income 100,000 400000 105,000 270000 81,000 189000 120,000 280000 Questions: 1. What's wrone with Evcitinenart ition) compu pantion) 7. Is the company heavily financed by debt or equity? (Including computation) 8. Compute the horizontal and vertical analysis. 9. What will be your recommendations/changes that must be done to the operations of Excitingpart's Closet? 10. Summarize vour analysis.

2 of 3 Excitingpart's Closet Statement of Financial Position As of Nov. 30, 2015 Dec. 31, 2014 60,000 740,000 600,000 800,000 2200000 Cash 270,000 500,000 Accounts Receivable Inventory Machinery Total Assets 400,000 850,000 2020000 Accounts Payable Salaries Payable 400,000 150,000 400,000 200,000 1,600,000 1800000 2200000 500,000 150,000 500,000 200.000 Total Liabilities Capital Stock Accumulated Profit 1,320,000 Total Equity 1520000 Total Liabilities and Equity 2020000 Excitingpart's Closet Income Statement For the years ended Nov. 30, 2015 Dec. 31, 2014 600,000 Sales 800,000 300,000 Cost of Goods Sold 225,000 Operating Expenses Operating Income Machinery Net Income 100,000 400000 105,000 270000 81,000 189000 120,000 280000 Questions: 1. What's wrone with Evcitinenart ition) compu pantion) 7. Is the company heavily financed by debt or equity? (Including computation) 8. Compute the horizontal and vertical analysis. 9. What will be your recommendations/changes that must be done to the operations of Excitingpart's Closet? 10. Summarize vour analysis.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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