The Tarboro Corporation data for the current year and prior year is as follows: Current year $75,600 $59,400 $51,200 Account Current assets A/R Mdse. Inventory Current liabilities Long-term liabilities. Common stock (5,000 shares) Retained earnings Net sales revenue COGS Gross Profit Selling/General expenses Net income before taxes Income tax expense Net Income. $76,500 $31,000 $47,460 $31,240 $607,700 $469,700 $138,000 $49,080 $88,920 $20,520 $68,400 What would a horizontal analysis report with respect to long-term liabilities? OA. Long-term liabilities increased by $28,500. B. Long-term liabilities decreased by $16,500. OC. Long-term liabilities decreased by 27.5%. D. Long-term liabilities increased by 91.94%. Prior year $60,000 $44,000 $40,000 $60,000 $2,500 $42,000 $17,000 $515,000 $385,000 $130,000 $52,000 $78,000 $18,000 $60,000

The Tarboro Corporation data for the current year and prior year is as follows: Current year $75,600 $59,400 $51,200 Account Current assets A/R Mdse. Inventory Current liabilities Long-term liabilities. Common stock (5,000 shares) Retained earnings Net sales revenue COGS Gross Profit Selling/General expenses Net income before taxes Income tax expense Net Income. $76,500 $31,000 $47,460 $31,240 $607,700 $469,700 $138,000 $49,080 $88,920 $20,520 $68,400 What would a horizontal analysis report with respect to long-term liabilities? OA. Long-term liabilities increased by $28,500. B. Long-term liabilities decreased by $16,500. OC. Long-term liabilities decreased by 27.5%. D. Long-term liabilities increased by 91.94%. Prior year $60,000 $44,000 $40,000 $60,000 $2,500 $42,000 $17,000 $515,000 $385,000 $130,000 $52,000 $78,000 $18,000 $60,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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