Common-Size Analysis of ABC Company's Income Statement & Balance

School: Tyler Junior College - Course: ACCOUNTING BAT4M - Subject: Accounting

Grade 12 BAT Final exam Written Part Question 1 of 11 (20 marks) ABC Company Ltd Income Statement For the period ending Dec. 31, 2021 2021%2020% Sales3,450,0002,500,000 Cost of Sales2,242,5001,500,000 Gross Profit1,207,5001,000,000 Operating Expenses Advertising250,000200,000 Promotion46,80036,000 Sales Salaries367,000300,000 Admin. Salaries150,000120,000 Rent120,000120,000 Utilities50,00036,000 Net Income223,770188,000 ABC Company Ltd. Balance Sheet As of December 31, 2021 2021 %2020 % ASSETS: Cash550,000945,000 Accounts Receivable2,489,0003,598,000 Inventory742,5001,400,000 Capital Assets5,425,0003,750,000 Total Assets9,206,5009,693,000 LIABILITIES Accounts Payable2,895,0003,800,000 OWNERS EQUITY6,311,5005,893,000 Total Liabilities & O/E9,206,5009,693,000Common-size the following summarized income statement & balance sheet (10 marks). Has net income improved? If so, why? If not, why not? Has Owners Equity maintained its percent of total assets over the two years? Do a vertical analysis. Point out strengths & weaknesses (10 marks)
Grade 12 BAT Final exam Written Part Question 2 - Partnerships (2 marks) DateParticularsPRDebitCredit

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