Horizontal AnalysisPresented below are the Comprehensive statement of Financial Position and comparative income statement of Andy Lim Trading . Perform a Horizontal analysis showing the increase of decrease for the year 2017 in comparison to the year 2016. CTIVITY 5.12 et#C5-A14ANDY LIM TRADINGStatement of Financial PositionAs of December 31Assets20172016Increase (Decrease)Amount10Current AssetsPercentCash84,000192,000200,000530,0001,006,00011158,000 Php130,000240,000500,0001,028,000Php12Short Term Investment13Accounts Receivable, NetMerchandise InvertoryTotal Current AssetsNon-Current AssetsProperty, Plant, and Equipment1415PhpPhp16172,340,0002,350,0003,356,00018Total AssetsPhp3,368,000Php1920Liabilities & Owner's Equity530,000800,000Curent Liabilties584,000840,0001,424,0001,932,0003,356,0002122Non-Current Liabilities23Total Liabilities1,330.00024Owner's EquityTotal Liabilities & Owner's Equity2,038,0003,368,00025PhpPhp26272829ANDY LIM TRADING30Income Statement31As of December 313220172016Increase (Decrease)Amount3334Percent4,150.002,444.001,706.001,500.00Net SalesCost of Goods Sold4,972.003,046.001,926.001,556.0037035PhpPhp3637Gross Proft38Selling and Admin ExpensesOperatinh IncomeInterest Expense39206408892Income Before Income Taxes (IBIT)Income Tax Expense412821144294188427243Net IncomePhpPhp4445Analysis of Data:464748495051525354555657596061626364656667686970717273747576

Horizontal Analysis: It is a statement showing the amount and percent changes in the items of the…

ANDY LIM TRADING Statement of Financial Position As of Decenber 31 Assets 2017 2016 Increase (Decrease) Current Assets Amount Percent Cash Php 158,000 Php 84,000 192,000 200,000 530,000 1,006,000 Short Term Investmert 130,000 240,000 500,000 1,028,000 Php Accourts Receivable, Net Merchandse Invertory Total Current Assets Php Non Current Assets Property, Plart, and Equipmert 2,340,000 3,368,000 2,350,000 3,356,000 Total Assets Php Php Liabilities & Owaner'sEquity Curent Liabilties 530,000 584,000 Non-Currert Liabilities 800,000 1,330,000 2,038,000 3,368,000 Php 840,000 1,424,000 1,932,000 3,356,000 Total Liabilities Ower's Equity Total Liabilities & Owner's Equity Php ANDY LIM TRADING Income Statement As of Decenber 31 2017 2016 Increase (Decrease) Amount Percent Net Sales Cost of Goods Sold Gross Proft Php 4,972.00 3,046.00 1,926.00 1,556.00 Php 4,150.00 Seling and Admin Expenses Operatinh Income Interest Expense Income Before Income Taxes (IBIT) Income Tax E xpense 2,444.00 1,706.00 1,500.00 206 92 370 88 282 114 94 42 Na Income Php 188 Php 72

ANDY LIM TRADING Statement of Financial Position As of Decenber 31 Assets 2017 2016 Increase (Decrease) Current Assets Amount Percent Cash Php 158,000 Php 84,000 192,000 200,000 530,000 1,006,000 Short Term Investmert 130,000 240,000 500,000 1,028,000 Php Accourts Receivable, Net Merchandse Invertory Total Current Assets Php Non Current Assets Property, Plart, and Equipmert 2,340,000 3,368,000 2,350,000 3,356,000 Total Assets Php Php Liabilities & Owaner'sEquity Curent Liabilties 530,000 584,000 Non-Currert Liabilities 800,000 1,330,000 2,038,000 3,368,000 Php 840,000 1,424,000 1,932,000 3,356,000 Total Liabilities Ower's Equity Total Liabilities & Owner's Equity Php ANDY LIM TRADING Income Statement As of Decenber 31 2017 2016 Increase (Decrease) Amount Percent Net Sales Cost of Goods Sold Gross Proft Php 4,972.00 3,046.00 1,926.00 1,556.00 Php 4,150.00 Seling and Admin Expenses Operatinh Income Interest Expense Income Before Income Taxes (IBIT) Income Tax E xpense 2,444.00 1,706.00 1,500.00 206 92 370 88 282 114 94 42 Na Income Php 188 Php 72

Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 6.7BPE

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