Income statement for the financial year ended March 31for Fiona Frolickers is as follows: A. Perform horizontal
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Question:
Income statement for the financial year ended March 31for Fiona Frolickers is as follows:
A. Perform horizontal analysis on the income statement. Round to closest percent (e.g 36.5% 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 March 31,
2015. (Retained earnings at April 1, 2014 were $69,000, dividends declared and paid during the financial year were $28,000.
D. Explain how profits for the year ended March 31, 2014 were $93,000 yet Retained Earnings at April 1, 2014 were only $69,000.
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