Compare the general trends of current liabilities for both companies. Which company do you think is in a better position?Compare the general trends of noncurrent liabilities for both companies. Which company do you think is in a better position?Compare the general trends of equity for both companies. Which company do you think is in a better position?Which company fared better using the horizontal analysis? ABS-CBN CORP.GMA NETWORK INC.CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONCONSOLIDATED STATEMENTS OF FINANCIAL POSITIONcurrency in philippine pesos, in millionscurrency in philippine pesos, in millions20102009200820072010200920082007ASSETSASSETSCash74.41%32.23%17.64%Cash-43.99%30.34%65.55%Receivables12.51%11.14%9.43%Short term investments-100.00%1019.05%-27.59%33.08%-7.80%InventoryPrepaid Expenses-9.82%-25.08%Receivables7.18%17.25%-47.45%43.36%-34.02%InventoryPrepaid Expenses-7.00%31.83%9.89%Other Current Assets14.47%-7.85%25.58%19.75%31.14%-21.48%TOTAL CURRENT ASSETS29.29%11 45%14.01%Other Current Assets4.44%-18.13%16.49%TOTAL CURRENT ASSETS-6.52%16.44%5.72%Property Plant and EquipmentLong-Term Investments3.27%-0.14%55.65%-30.44%6.15%291.23%Property Plant and Equipment-3.44%0.02%9.00%Deferred Tax Assets, Long Term49.70%6.47%227.11%Long-Term Investments1.96%-1.04%16.19%Deferred Charges, Long Term25.93%127.10%45.35%Deferred Tax Assets, Long Term7.82%17.22%15.02%GoodwillOther Intangibles0.43%11.98%9383.58%Other Intangibles36.68%-6.77%-5.78%8.56%16.28%30.45%Other Long-Term Assets-36.30%5.73%-8.59%Other Long-Term Assets-4.18%-4.79%-46.83%TOTAL NONCURRENT ASSETS-4.98%0.40%8.06%TOTAL NONCURRENT ASSETS3.55%2.70%32.87%TOTAL ASSETS-5.94%9.77%6.68%TOTAL ASSETS11.89%5.38%26.46% LIABILITIES & EQUITYLIABILITIES & EQUITYAccounts Payable-33.26%17.07%42.45%Accounts PayableAccrued ExpensesShort-Term Borrowings47.16%4.74%-33.65%Accrued Expenses7.55%22.71%-7.67%82.35%13.61%0.64%Short-Term Borrowings0.00%0.00%-100.00%33.00%-45.77%84.40%Current Income Taxes Payable-40.85%-20.02%-18.35%Other Current Liabilities, Total-59,16%Current Portion of Long-Term Debt and Capital LeaseCurrent Income Taxes Payable-36.22%-42.85%109.90%21.84%-30.23%-77.49%-0.63%814.18%TOTAL CURRENT LIABILITIES-9.05%4.51%-17.51%Other Current Liabilities, Total-26.00%-1.17%101.73%Unearned Revenue, Current11. 25%11.86%Pension & Other Post-Retirement Benefits36.00%128.30%-9.95%-2.87%5.36%TOTAL CURRENT LIABILITIES26.18%-0.68%32.70%Deferred Tax Liability Non-Current6.10%-0.30%19.90%TOTAL NONCURRENT LIABILITIES-3.92%-1.92%10.31%Long-Term DebtCapital Lease Liability8.10%11.54%58.14%-54.51%-56.74%-28.39%TOTAL LIABILITIES-8.23%3.42%-13.84%Pension & Other Post-Retirement Benefits-20.86%-0.21%97.68%Deferred Tax Liability Non-Current-13.70%-18.91%63259900.00%Common Stock0.00%0.00%0.00%Other Non-Current LiabilitiesAdditional Paid in CapitalRetained Earnings-12.07%54.93%1792.51%0.00%0.45%3.70%TOTAL NONCURRENT LIABILITIES3.21%8.86%75.06%-15.95%44.20%84.14%Treasury Stock0.00%0.00%37.68%TOTAL LIABILITIES13.64%4.31%51.93%Other Comprehensive IncomeTOTAL EQUITY-0.01%0.04%1.45%-5.34%11.53%14.25%Common Stock0.00%0.00%0.00%Additional Paid in CapitalRetained EarningsOther Comprehensive Income0.00%0.00%0.00%TOTAL LIABILITIES AND EQUITY-5.94%9.77%6.68%15.28%7.19%5.53%129.32%8.48%-6.19%6.42%Equity attributable to equity holders of ParentNoncontrolling Interest9.64%5.43%43.17%55.22%45.97%TOTAL EQUITY9.86%6.64%5.56%

For analyzing the trends we need to examine the percentage changes in each item of current and…

Answered: lities for both companies. Which…

lities for both companies. Which company do you think is in a better position? Compare the general trends of noncurrent liabilities for both

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...

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Assume that an organization asserts that it has $35 million in net accounts receivable. Describe specifically what management is asserting with respect to net accounts receivable.