Complete the horizontal analysis of Soopy's Used Cars. (Round all percentages to the nearest tenth of a percent.)
2013 2012 Amount Percent
of Change of Change
Current Assets $75,000 $60,000
Plant and Equipment 225,000 200,000
Total Assets $300,000 $260,000
Current Liabilities $ 30,000 $ 35,000
Long-term Liabilities 80,000 70,000
Common Stock 100,000 100,000
Retained Earnings 90,000 55,000
Total Liabilities and
Stockholders' Equity $300,000 $260,000
What will be an ideal response?
Answer:
2013 2012 Amount Percent
of Change of Change
Current Assets $75,000 $60,000 $15,000 25.0%
Plant and Equipment 225,000 200,000 25,000 12.5%
Total Assets $300,000 $260,000 $ 40,000 15.4%
Current Liabilities $30,000 $35,000 $(5,000) (14.3%)
Long-term Liabilities 80,000 70,000 10,000 14.3%
Common Stock 100,000 100,000 0 0%
Retained Earnings 90,000 55,000 35,000 63.6%
Total Liabilities and
Stockholders' Equity $300,000 $260,000 $40,000 15.4%
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Owen's Furniture manufactures a small table and a large table. The small table sells for $900, has variable costs of $550 per table, and takes 10 direct labor hours to manufacture. The large table sells for $1,600, has variable costs of $970, and takes eight direct labor hours to manufacture. The company has a maximum of 5,000 direct labor hours per month when operating at full capacity. If there are no constraints on sales of either of the products and the company could choose any proportions of product mix that they wanted, the maximum contribution margin that the company could earn will be ________.
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Indicate whether the statement is true or false.