Problem: Prepare a schedule showing a horizontal analysis for 2007 using 2006 as the base year.
Here is financial information for Ride Away Inc.
December 31, 2007 December 31, 2006
Current assets $128,000 $ 80,000
Plant assets (net) 400,000 360,000
Current liabilities 91,000 65,000
Long-term liabilities 144,000 90,000
Common stock, $1 par 138,000 115,000
Retained earnings 155,000 170,000
Instructions:
Prepare a schedule showing a horizontal analysis for 2007 using 2006 as the base year.