FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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9. Loloy, the owner of Loloy Trading has been eager to know about the periodic changes in each
of the items in his business' statement of financial positions. Loloy would want to know how each
account has changed from the past two years, 2012 and 2013.
Assets
Cash
Trading Securities
Accounts Receivable
Merchandise Inventory
Loloy Trading
Statements of Financial Position
December 31
Prepaid Expenses
Total Current Assets
Property, Plant, and Equipment (net)
Total Assets
Liabilities and Owner's Equity
Accounts Payable
Salaries Payable
Utilities Payable
Taxes Payable
Total Current Liabilities
Notes Payable (due 2016)
Total Liabilities
Owner, Capital
Total Liabilities and Owner's Equity
2013
80,000
30,000
90,000
80,000
10,000
290,000
185,000
P 475,000
℗ 27,000
40,000
prot
15,000
20,000
℗ 102,000
120,000
* 222,000
253,000
P 475,000
2012
60,000
30,000
60,000
64,000
8,000
222,000
170,000
392,000
P 18,000
32,000
10,000
12,000
P 72,000
120,000
192,000
200,000
P 392,000
Prepare a horizontal analysis of Loloy's Statement of Financial Positions. Analyze the change
in each account. Identify accounts that Loloy should put more attention to.
002,812
ins. &
Azza
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Transcribed Image Text:9. Loloy, the owner of Loloy Trading has been eager to know about the periodic changes in each of the items in his business' statement of financial positions. Loloy would want to know how each account has changed from the past two years, 2012 and 2013. Assets Cash Trading Securities Accounts Receivable Merchandise Inventory Loloy Trading Statements of Financial Position December 31 Prepaid Expenses Total Current Assets Property, Plant, and Equipment (net) Total Assets Liabilities and Owner's Equity Accounts Payable Salaries Payable Utilities Payable Taxes Payable Total Current Liabilities Notes Payable (due 2016) Total Liabilities Owner, Capital Total Liabilities and Owner's Equity 2013 80,000 30,000 90,000 80,000 10,000 290,000 185,000 P 475,000 ℗ 27,000 40,000 prot 15,000 20,000 ℗ 102,000 120,000 * 222,000 253,000 P 475,000 2012 60,000 30,000 60,000 64,000 8,000 222,000 170,000 392,000 P 18,000 32,000 10,000 12,000 P 72,000 120,000 192,000 200,000 P 392,000 Prepare a horizontal analysis of Loloy's Statement of Financial Positions. Analyze the change in each account. Identify accounts that Loloy should put more attention to. 002,812 ins. & Azza
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