Horizontal and Vertical AnalysisPlato Clothing Company specializes in selling apparel forspecial occasions. In 2022 and 2023, Plato's accountbalances were as follows:Accounts receivableMerchandise inventoryTotal assetsNet salesCost of goods soldRequired:Accounts receivable1. Calculate the change in each of the Plato's accountsfrom 2022 to 2023. Enter negative sign for decreasevalues.Merchandise inventoryTotal assetsNet salesCost of goods soldAccounts receivableMerchandiseinventory2. Indicate what happened from 2022 to 2023 to accountsreceivable and merchandise inventory as a percentage oftotal assets. Round your answers to the nearest wholepercent.2023.Cost of goodssold2023.2023$60,7507,650297,040221,000113,880$000002023.2022$45,00017,100288,750211,20084,100fromfrom% in 2022 toIndicate what happened from 2022 to 2023 to cost ofgoods sold as a percentage of net sales. Round youranswers to the nearest whole percent.from% in 2022 to% in 2022 to

Horizontal and vertical analysis are two common methods used in financial statement analysis to…

Horizontal and Vertical Analysis Plato Clothing Company specializes in selling apparel for special occasions. In 2022 and 2023, Plato's account balances were as follows: Accounts receivable Merchandise inventory Total assets Net sales Cost of goods sold Req red: Accounts receivable Merchandise inventory 1. Calculate the change in each of the Plato's accounts from 2022 to 2023. Enter negative sign for decrease values. Total assets Net sales Cost of goods sold Accounts receivable Merchandise inventory 2023. Cost of goods sold 2023. $ $ 2. Indicate what happened from 2022 to 2023 to accounts receivable and merchandise inventory as a percentage of total assets. Round your answers to the nearest whole percent. 2023. $ 2023 $60,750 7,650 297,040 221,000 113,880 $ 2022 from $45,000 17,100 288,750 211,200 84,100 from % in 2022 to Indicate what happened from 2022 to 2023 to cost of goods sold as a percentage of net sales. Round your answers to the nearest whole percent. from % in 2022 to % in 2022 to

Horizontal and Vertical Analysis Plato Clothing Company specializes in selling apparel for special occasions. In 2022 and 2023, Plato's account balances were as follows: Accounts receivable Merchandise inventory Total assets Net sales Cost of goods sold Req red: Accounts receivable Merchandise inventory 1. Calculate the change in each of the Plato's accounts from 2022 to 2023. Enter negative sign for decrease values. Total assets Net sales Cost of goods sold Accounts receivable Merchandise inventory 2023. Cost of goods sold 2023. $ $ 2. Indicate what happened from 2022 to 2023 to accounts receivable and merchandise inventory as a percentage of total assets. Round your answers to the nearest whole percent. 2023. $ 2023 $60,750 7,650 297,040 221,000 113,880 $ 2022 from $45,000 17,100 288,750 211,200 84,100 from % in 2022 to Indicate what happened from 2022 to 2023 to cost of goods sold as a percentage of net sales. Round your answers to the nearest whole percent. from % in 2022 to % in 2022 to

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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Problem 1: Below is the financial information for Justin Bieber's Merchandising company for the year 2020: Cash and Cash Equivalents Accounts Receivable Merchandise Inventory Machinery and Equipment Furnitures and Fixtures Total Assets 513,374 312,745 112,038 1,039,782 59,744 2,037,683 Suppose that the total current assets of the company for the year 2019 is P1,317,873 and the total fixed asset for the same year is P687,369 plus there is a prepaid expenses for 2020 of P35,000 for insurance. Compute for the financial leverage ratio assuming that the value of the total liabilities for the company is P856,971.
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Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $120,200 Gerri Faber, Drawing $72,000 Accounts Receivable 326,200 Sales 4,344,900 Merchandise Inventory 365,300 Cost of Merchandise Sold 2,546,100 Estimated Returns Inventory 14,450 Sales Salaries Expense 716,000 Office Supplies 11,300 Advertising Expense 196,900 Prepaid Insurance 8,800 Depreciation Expense—Store Equipment 38,400 Office Equipment 264,500 Miscellaneous Selling Expense 16,800 Accumulated Depreciation—Office Equipment 179,700 Office Salaries Expense 390,900 Store Equipment 825,600 Rent Expense 57,700 Accumulated Depreciation—Store Equipment 264,500 Insurance Expense 17,900 Accounts Payable 183,000 Depreciation Expense—Office Equipment 28,900 Customer Refunds Payable 28,900 Office Supplies Expense 10,600 Salaries Payable…
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