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Meranda and Jessica's Jewelry Store

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Question 1. The following information was made available from the income statement
and balance sheet of Meranda Company:

  12/31/10 12/31/09
Accounts Receivable  42,000  45,100
Accounts Payable  27,900  24,500
Merchandise Inventory  68,000  63,000
Sales   170,000
Interest Revenue  3,200
Dividend Revenue   1,800
Tax Expense   11,600
Salaries Expense   22,400
COGS   57,000
Interest Expense  2,200
Operating Expenses   19,400
Complete the cash flow from operating activities section for Meranda Company
using the direct method for the year ended December 31, 2010.

Question 2. Given the following balance sheet, complete a horizontal analysis.
Compute the percentage to the nearest tenth of a percent.
Jessica’s Jewelry Store
Comparative Balance Sheet
For Years Ended December 31, 2011 and 2010


(in thousands) 2011 2010
 Assets  
 Current Assets  
  Cash and Equivalents    319  288
 Accounts Receivable, net    166  173
  Inventory    437  400
  Total Current Assets    922  861
 Property, Plant and Equipment    377  412
 Total Assets    1,299  1,273
 Liabilities  
 Current Liabilities  
  Accounts Payable    132  144
 Accrued Liabilities    90  84
  Total Current Liabilities    222  228
 Long-Term Liabilities    84  96
 Total Liabilities    306  324
 StockholdersĂ• Equity 
  Common Stock    288  255
 Retained Earnings    705  694
 Total Stockholders'  Equity    993  949
 Total Liabilities and Stockholders' Equity    1,299  1,273

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