Comparative Financial Statements AnalysisData:2023:Revenue: $500,000Expenses:Operating Expenses: $300,000Interest Expense: $50,000Assets:Cash: $70,000Receivables: $80,000Property: $200,000Liabilities:Payables: $60,000Long-term Debt: $100,0002022:Revenue: $450,000Expenses:Operating Expenses:...
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Accounting
Comparative Financial Statements Analysis
Data:
- 2023:
- Revenue: $500,000
- Expenses:
- Operating Expenses: $300,000
- Interest Expense: $50,000
- Assets:
- Cash: $70,000
- Receivables: $80,000
- Property: $200,000
- Liabilities:
- Payables: $60,000
- Long-term Debt: $100,000
- 2022:
- Revenue: $450,000
- Expenses:
- Operating Expenses: $280,000
- Interest Expense: $40,000
- Assets:
- Cash: $60,000
- Receivables: $70,000
- Property: $180,000
- Liabilities:
- Payables: $55,000
- Long-term Debt: $90,000
Requirements:
- Prepare the comparative income statement and balance sheet for 2022 and 2023.
- Analyze the changes in financial performance and position.
- Discuss the implications of these changes for the company's strategy.
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