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 Loloy Trading Statements of Financial Position December 31 Cash Trading Securities Accounts Receivable Merchandise Inventory 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 ℗ 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 72,000 120,000 192,000 200,000 392,000 Prepare a horizontal analysis of Loloy's Statement of Financial Positions. Analyze the chang in each account. Identify accounts that Loloy should put more attention to.

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 Loloy Trading Statements of Financial Position December 31 Cash Trading Securities Accounts Receivable Merchandise Inventory 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 ℗ 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 72,000 120,000 192,000 200,000 392,000 Prepare a horizontal analysis of Loloy's Statement of Financial Positions. Analyze the chang in each account. Identify accounts that Loloy should put more attention to.

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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