Income statement for the financial year ended August 31for Fiona Frolickers is as follows: Required: (A) Perform
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Question:
Income statement for the financial year ended August 31for Fiona Frolickers is as follows:
Required:
(A) Perform horizontal analysis on the income statement. Round to closest percent (e.g36.5%to 37%)
(B) Comment on the significant changes disclosed by the comparative statement of comprehensive income.
(C) Prepare a Statement of Retained Earnings for the year ended August 31, 2015. (Retained earnings at September1, 2014 were$69,000, dividends declared and paid during the financialyearwere$28,000.
(D) Explain how profits for the year ended August 31, 2014 were$93,000 yet Retained Earnings at September1, 2014 wereonly$69,000.
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