HORIZONTAL ANALYSIS OF COMPARATIVE FINANCIAL STATEMENTS Amounts from the comparative income statement and balance sheet of Miller
Question:
HORIZONTAL ANALYSIS OF COMPARATIVE FINANCIAL STATEMENTS Amounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are as follows:
REQUIRED
Prepare a horizontal analysis. Add columns to show the amount of increase (decrease) and the percentage change. Round percentages to one decimalplace.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Miller Electronics Corporation Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 $650,220 395,410 $254,810 $ 63,518 65,992 $129,510 $125,300 20-1 $420,600 Net sales (on account) Cost of goods sold Gross profit Administrative expenses Selling expenses Total operating expenses Operating income Interest expense Income before income taxes 258,668 $161,932 $ 42,288 43,936 $ 86,224 $ 75,708 1,204 $ 74,504 13,630 $ 60,874 1,282 $124,018 31,005 $ 93,013 Income tax expense Net income Miller Electronics Corporation Comparative Balance Sheet December 31, 20-2 and 20-1 20-1 20-2 Assets Current assets: Cash Receivables (net) $ 42,900 73,642 92,060 3,788 $212,390 $ 22,006 47,510 50,396 1,158 $121,070 Merchandise inventory Supplies and prepayments Total current assets Property, plant, and equipment: Office equipment (net) Factory equipment (net) Total property, plant, and equipment Total assets $ 12,150 105,360 $ 8,490 71,190 $ 79,680 $200,750 $117,510 $329,900 Liabilities Current liabilities: $ 10,000 43,524 6,250 $ 59,774 $ 6,000 30,242 5,400 41,642 Notes payable Accounts payable Accrued and withheld payroll taxes Total current liabilities Stockholders' Equity Common stock ($10 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 84,000 75,108 $159,108 $200,750 $100,000 170,126 $270,126 $329,900
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