The following is a summary of information presented on the financial statements of a company on December 31, 2018 Account 2018 2017 Current Assets $ 86,000.00 $ 70,000.00 Accounts Receivable $ 61,000.00 $ 69,000.00 Merchandise Inventory $ 63,000.00 $ 56,000.00 Current Liabilities $ 56,000.00 $ 49,000.00 Long-term Liabilities $ 40,000.00 $ 53,000.00 Common Stock $ 71,000.00 $ 57,000.00 Retained Earnings $ 69,000.00 $ 49,000.00 With respect to Long-term Liabilities, a horizontal analysis reveals ________. A long-term liabilities decreased by 24.56% B long-term liabilities decreased by 24.53% C long-term liabilities decreased by $14,000 D long-term liabilities decreased by $7,000
The following is a summary of information presented on the financial statements of a company on December 31, 2018 Account 2018 2017 Current Assets $ 86,000.00 $ 70,000.00 Accounts Receivable $ 61,000.00 $ 69,000.00 Merchandise Inventory $ 63,000.00 $ 56,000.00 Current Liabilities $ 56,000.00 $ 49,000.00 Long-term Liabilities $ 40,000.00 $ 53,000.00 Common Stock $ 71,000.00 $ 57,000.00 Retained Earnings $ 69,000.00 $ 49,000.00 With respect to Long-term Liabilities, a horizontal analysis reveals ________. A long-term liabilities decreased by 24.56% B long-term liabilities decreased by 24.53% C long-term liabilities decreased by $14,000 D long-term liabilities decreased by $7,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following is a summary of information presented on the financial statements of a company on December 31, 2018
| Account | 2018 | 2017 |
| Current Assets | $ 86,000.00 | $ 70,000.00 |
| $ 61,000.00 | $ 69,000.00 | |
| Merchandise Inventory | $ 63,000.00 | $ 56,000.00 |
| Current Liabilities | $ 56,000.00 | $ 49,000.00 |
| Long-term Liabilities | $ 40,000.00 | $ 53,000.00 |
| Common Stock | $ 71,000.00 | $ 57,000.00 |
| $ 69,000.00 | $ 49,000.00 |
With respect to Long-term Liabilities, a horizontal analysis reveals ________.
| A | long-term liabilities decreased by 24.56% |
| B | long-term liabilities decreased by 24.53% |
| C | long-term liabilities decreased by $14,000 |
| D | long-term liabilities decreased by $7,000 |
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