Question 2 (4 Marks) Case 1 (.5 Mark) Calculate the percent increases for each of the following selected balance sheet items. Cash Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation 2012 569 2234 1062 2432 1164 2777 2011 448 2337 1071 2138 1666 2894 Answer Cash Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation 2012 569 2234 1062 2432 1164 2777 2011 448 2337 1071 2138 1666 2894 Case 2 (.5 Mark) For the following financial statement items, calculate trend percentages using 2009 as the base year: Bar Corporation Comparative Income Statement For the year ended December 31, Sales Cost of sales Gross Profit 2,013 1,195,400 752,400 443,000 2,012 1,118,000 704,000 414,000 2,011 1,049,000 671,000 378,000 2,010 963,200 616,700 346,500 2,009 860,000 559,000 301,000 Answer Bar Corporation Comparative Income Statement For the year ended December 31, 2,013 2,012 2,011 2,010 2,009 Sales Cost of sales Gross Profit Case 3 (1 Mark) Express the following balance sheets for Alberts Company in common-size percentages. (Consider using EXCEL). Alberts Company (GAAP) Balance Sheets (IFRS Statement of Financial Position) December 31, Assets Cash Accounts receivable Inventory Prepaid insurance Long term investments Plant Assets (PPE or Long term assets) Total assets 2019 43,000 38,000 61,000 6,000 49,000 218,000 415,000 2018 22,000 42,000 52,000 9,000 20,000 218,000 363,000 Liabilities and equity Current liabilities Long term liabilities Common stock Retained earnings Total Liabilities and equity 62,000 45,000 150,000 158,000 415,000 75,000 36,000 150,000 102,000 363,000 Answer Alberts Company Balance sheets December 31