Horizontal analysis
Comparative information taken from the Fogerty Company
financial statements is shown below 2007 2006
(a) Accounts receivable $175,000 140,000
(b) Retained earnings $ 30,000 (40,000)
(c) Sales 855,000 750,000
(d) Operating expenses 170,000 200,000
(e) Income taxes payable 22,000 20,000
Instructions
Using horizontal analysis, show the percentage change from 2006
to 2007 with 2006 as the base year.
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