The following is a summary of information presented on the financial statements of a company on December 31, 2017
Account 2017 2016
Current Assets $85,000 $75,000
Accounts Receivable 65,000 69,000
Merchandise Inventory 66,000 59,000
Current Liabilities 56,000 48,000
Long-term Liabilities 40,000 45,000
Common Stock 75,000 60,000
Retained Earnings 65,000 46,000
With respect to long-term liabilities, a horizontal analysis reveals ________.
A) long-term liabilities decreased by $15,000
B) long-term liabilities decreased by 25.00%
C) long-term liabilities decreased by 11.11%
D) long-term liabilities decreased by $8,000
C .C)
Increase (Decrease)
2017 2016 Amount Percentage
Liabilities
Long-term liabilities $40,000 $45,000 $(5,000 ) (11.11 )
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Use _________ sentences to ask questions
a. imperative b. interrogative c. declarative d. questionable
Kim goes to a restaurant for supper. She gives her expensive jacket to the coat-check person and
receives a claim check. Later, when Kim is about to leave, she discovers that her jacket is missing. Which of the following best describes this situation? A) This is not a bailment because there is no personal property. B) This is not a bailment because there was no taking of possession by a bailee. C) This is not a bailment because there was no compensation paid. D) This is not a bailment because the bailee had no duty to return the goods. E) This is a bailment.