You work as a freelance accounting professional and have berecently engaged by the auditors of Life-Positive Inc. forassignment. In examining the company's records, you have extractthe following information:Life-Positive's Account 2021 ($) 2022 ($)BalancesAccounts Payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.0010,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00The tax rate is 32%

Based on the information provided, here are some key financial ratios and figures that can be…

You work as a freelance accounting professional and have be recently engaged by the auditors of Life-Positive Inc. for assignment. In examining the company's records, you have extract the following information:

You work as a freelance accounting professional and have be recently engaged by the auditors of Life-Positive Inc. for assignment. In examining the company's records, you have extract the following information:

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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