III. Direction: The following comparative financial statements are provided by Zeus Company. UsingHorizontal and Vertical approach, calculate the missing and write your answer on the blank. Showsupporting solutions in a separate sheet of paper. Answer the questions at the bottom of this activity.ZEUS COMPANYCOMPARATIVE STATEMENT OF FINANCIAL POSITIONDecember 31, 2019 and 201820192018Rate of Inc(Dec)Assets:Current assetsP550,000.0045%21.98%Long-term investmentsFixed assets (net)10%200,500.0025%30%0.76%Intangible assets50,000.00Total AssetsP1,211,500.00Liabilities:Current liabilities20%P200,800.00Long-term liabilitiesTotal liabilities100,000.00200,000.00P400,800.00Owner's EquityP869,200.0060%Total liabilities and equityZEUS COMPANYCOMPARATIVE INCOME STATEMENTFor the years 2019 and 201820192018Rate of Inc(Dec)SalesP500,000.00(0.50%)Cost of Goods Sold50%40%Gross ProfitP301,500.00Operating Expenses:SalariesP95,000.00P97,000.00Rent25,000.0025,000.00Marketing20,000.005%Utilities1%5,000.00Other Expenses7,500.0010,000.00Total ExpensesNet Income QuestionsAnswer1. How much is the total intangible assets in 2018?2. What is the percentage of the total liabilities in 2018?3. How much is the total liabilities and equity in 2019?4. What is the rate of increase or decrease in the total assets?5. How much is the total sales in 2018?6. What is the rate of increase or decrease in the gross profit?7. What is the percentage of the total expenses in 2019?8. How much is the net income in 2018?9. What is the rate of increase or decrease in the salary expense?10. What is the percentage of the net income in 2019?

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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