YEAR 1 YEAR2 ASSETS CURRENT ASSETS Cash 210,000 467,550 Accounts Receivable 930,000 883,200 Merchandise Inventory 220,000 198,500 Supplies 90,000 125,000 TOTAL CURRENT ASSETS 1,450,000 1,674,250 NON-CURRENT ASSETS Office Equipment 1,890,000 2,378,500 Accumulated Depreciation- Office Equipment -800,000 -950,000 TOTAL NON-CURRENT ASSETS 1,090,000 1,428,500 TOTAL ASSETS 2,540,000 3,102,750 LIABILITIES CURRENT LIABILITIES Accounts Payable Salaries Payable 190,000 192,830 140,000 178,500 Interest Payable 60,000 75,000 TOTAL CURRENT LIABILITIES 390,000 446,330 NON-CURRENT LIABILITIES Notes Payable 580,000 450,000 TOTAL NON-CURRENT LIABILITIES 580,000 450,000 TOTAL LIABILITIES 970,000 896,330 OWNER'S EQUITY Shoe Express, Capital 1,570,000 2,206,420 TOTAL LIABILITIES AND OWNER'S EQUITY 2,540,000 3,102,750
YEAR 1 YEAR2 ASSETS CURRENT ASSETS Cash 210,000 467,550 Accounts Receivable 930,000 883,200 Merchandise Inventory 220,000 198,500 Supplies 90,000 125,000 TOTAL CURRENT ASSETS 1,450,000 1,674,250 NON-CURRENT ASSETS Office Equipment 1,890,000 2,378,500 Accumulated Depreciation- Office Equipment -800,000 -950,000 TOTAL NON-CURRENT ASSETS 1,090,000 1,428,500 TOTAL ASSETS 2,540,000 3,102,750 LIABILITIES CURRENT LIABILITIES Accounts Payable Salaries Payable 190,000 192,830 140,000 178,500 Interest Payable 60,000 75,000 TOTAL CURRENT LIABILITIES 390,000 446,330 NON-CURRENT LIABILITIES Notes Payable 580,000 450,000 TOTAL NON-CURRENT LIABILITIES 580,000 450,000 TOTAL LIABILITIES 970,000 896,330 OWNER'S EQUITY Shoe Express, Capital 1,570,000 2,206,420 TOTAL LIABILITIES AND OWNER'S EQUITY 2,540,000 3,102,750
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 7.3.1MBA
Related questions
Question
100%
With the statement of financial position below, conduct a horizontal analysis.
![YEAR 1
YEAR2
ASSETS
CURRENT ASSETS
Cash
210,000
467,550
Accounts Receivable
930,000
883,200
Merchandise Inventory
220,000
198,500
Supplies
90,000
125,000
TOTAL CURRENT ASSETS
1,450,000
1,674,250
NON-CURRENT ASSETS
Office Equipment
1,890,000
2,378,500
Accumulated Depreciation- Office Equipment
-800,000
-950,000
TOTAL NON-CURRENT ASSETS
1,090,000
1,428,500
TOTAL ASSETS
2,540,000
3,102,750
LIABILITIES
CURRENT LIABILITIES
Accounts Payable
Salaries Payable
Interest Payable
190,000
192,830
140,000
178,500
60,000
75,000
TOTAL CURRENT LIABILITIES
390,000
446,330
NON-CURRENT LIABILITIES
Notes Payable
580,000
450,000
TOTAL NON-CURRENT LIABILITIES
580,000
450,000
TOTAL LIABILITIES
970,000
896,330
OWNER'S EQUITY
|Shoe Express, Capital
1,570,000
2,206,420
TOTAL LIABILITIES AND OWNER'S EQUITY
2,540,000
3,102,750](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb5459c25-7f0b-4939-b7e4-169feebb5d6d%2F43d2f326-71bd-4de2-9c25-cad0deb8c238%2Ffvrqin7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:YEAR 1
YEAR2
ASSETS
CURRENT ASSETS
Cash
210,000
467,550
Accounts Receivable
930,000
883,200
Merchandise Inventory
220,000
198,500
Supplies
90,000
125,000
TOTAL CURRENT ASSETS
1,450,000
1,674,250
NON-CURRENT ASSETS
Office Equipment
1,890,000
2,378,500
Accumulated Depreciation- Office Equipment
-800,000
-950,000
TOTAL NON-CURRENT ASSETS
1,090,000
1,428,500
TOTAL ASSETS
2,540,000
3,102,750
LIABILITIES
CURRENT LIABILITIES
Accounts Payable
Salaries Payable
Interest Payable
190,000
192,830
140,000
178,500
60,000
75,000
TOTAL CURRENT LIABILITIES
390,000
446,330
NON-CURRENT LIABILITIES
Notes Payable
580,000
450,000
TOTAL NON-CURRENT LIABILITIES
580,000
450,000
TOTAL LIABILITIES
970,000
896,330
OWNER'S EQUITY
|Shoe Express, Capital
1,570,000
2,206,420
TOTAL LIABILITIES AND OWNER'S EQUITY
2,540,000
3,102,750
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