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The Nichols Corporation data for the current year:AccountCurrent yearPrior yearCurrent assets$75,600

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The Nichols Corporation data for the current year:AccountCurrent yearPrior yearCurrent assets$75,600

The Nichols Corporation data for the current year:

Account   Current year   Prior year
Current assets   $75,600   $60,000
A/R   $59,400   $44,000
Mdse. Inventory   $51,200   $40,000
Current liabilities   $71,500   $55,000
Long-term liabilities   $36,000   $30,000
Common stock (5,000 shares)    $47,460   $42,000
Retained earnings   $31,240   $17,000
Net sales revenue   $607,700   $515,000
COGS   $469,700   $385,000
Gross Profit   $138,000   $130,000
Selling/General expenses   $49,080   $52,000
Net income before taxes   $88,920   $78,000
Income tax expense   $20,520   $18,000
Net Income   $68,400   $60,000

What would a horizontal analysis report with respect to long-term liabilities?
A) Long-term liabilities decreased by 5.92%.
B) Long-term liabilities increased by 6.21%.
C) Long-term liabilities increased by $6,000.
D) Long-term liabilities decreased by $1,500.

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Managerial Accounting

Edition: 4^th

Author: Braun

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Brilliant ツ

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