FINANCIAL ACCT.FUND(LL)W/ACCESS>CUSTOM<
FINANCIAL ACCT.FUND(LL)W/ACCESS>CUSTOM<
6th Edition
ISBN: 9781260255119
Author: Wild
Publisher: MCG CUSTOM
Question
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Chapter 13, Problem 2AP

1.

To determine

Compute each year’s current ratio.

2.

To determine

Express the income statement data in common-size percentages.

3.

To determine

Express the balance sheet data in trend percentages with 2015 as the base year.

4.

To determine

Comment on any significant relations revealed by the ratios and percentages computed.

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Fiona Manufacturing collected $345,000 from customers in 2023. Of the amount collected, $127,000 was from services performed in 2022. In addition, Fiona performed services worth $198,000 in 2023, which will not be collected until 2024.   Fiona Manufacturing also paid $267,000 for expenses in 2023. Of the amount paid, $132,000 was for expenses incurred on account in 2022. In addition, Fiona incurred $174,000 of expenses in 2023, which will not be paid until 2024. Compute 2023 cash-basis net income.
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