8.Presented below are the Statements of Financial Position of Vickie Merchandising, for the pasttwo calendar years, ending 2013 and 2014. Vickie is on the process of analyzing its financialstatements in order to ascertain changes in each of its account balances. Vickie would want toidentify account balances whose changes are worth investigating.CashAssetsMarketable SecuritiesAccounts ReceivableMerchandise InventoryPrepaid ExpensesTotal Current AssetsProperty, Plant, and Equipment (net)Total AssetsVickie MerchandisingStatements of Financial Position.December 31Liabilities and Owner's EquityAccounts PayableSalaries PayableUtilities PayableTaxes PayableTotal Current LiabilitiesNotes Payable (due 2016)Total LiabilitiesOwner, CapitalTotal Liabilities and Owner's Equity2014P 125,00045,00085,00050,0004,000P 309,000450,000P 759,00030,00020,00010,00015,000℗ 75,000300,000→ 375,000384,000℗ 759,0002013P 112,00040,00077,00045,0002,000℗ 276,500300,000→ 576,50018,50014,0008,00015,000℗ 55,000300,000355,000221,000576,500Prepare a common size statement of financial position for Vickie Merchandising, for both2013 and 2014. Analyze the changes in each account and comment if Vickie would needto further investigate on the changes of that account.

A financial statement that provides the financial data as a percentage of a common basis is called a…

Answered: Prepare a common size statement of…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

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Prepare a common size statement of financial position for Vickie Merchandising, for both 2013 and 2014. Analyze the changes in each account and comment if Vickie would need to further investigate on the changes of that account.