Answered: 2018 2017 Cash and Receivables $ 80,640…

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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Question

Performing vertical analysis

Great Value Optical Company reported the following amounts on its balance sheet December 31, 2018 and 2017:

Prepare a Vertical analysis of Great Value’s assets for 2018 and 2017.

2018
2017
Cash and Receivables
$ 80,640
56,840
$ 80,575
Merchandise Inventory
Property, Plant, and Equipment, Net
Total Assets
54,450
142,520
139,975
$ 280,000
$ 275,000

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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