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The condensed financial statements of Westward Corporation for 2006 are presented below.

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Question;The condensed financial statements of Westward Corporation for 2006 are presented below.Westward Corporation Westward CorporationBalance Sheet Income StatementDecember 31, 2006 For the Year Ended December 31, 2006Assets Revenues $2,000,000Current assets ExpensesCash and temporary Cost of goods sold 1,080,000investments $ 30,000 Selling and administrativeAccounts receivable 70,000 expenses 495,000Inventories 120,000 Interest expense 30,000Total current assets 220,000 Total expenses 1,605,000Property, plant, and Income before income taxes 395,000equipment (net) 780,000 Income tax expense 140,000Total assets $1,000,000 Net income $ 255,000Liabilities and Stockholders' EquityCurrent liabilities $ 80,000Long-term liabilities 300,000Common stockholders' equity 620,000Total liabilities andstockholders' equity $1,000,000Westward Corporation Westward CorporationBalance Sheet Income StatementDecember 31, 2005 For the Year Ended December 31, 2005Assets Revenues $2,500,000Current assets ExpensesCash and temporary Cost of goods sold 1,750,000investments $ 40,000 Selling and administrativeAccounts receivable 90,000 expenses 500,000Inventories 150,000 Interest expense 30,000Total current assets 280,000 Total expenses 2,280,000Property, plant, and Income before income taxes 220,000equipment (net) 800,000 Income tax expense 77,000Total assets $1,080,000 Net income $ 143,000Liabilities and Stockholders' EquityCurrent liabilities $ 140,000Long-term liabilities 320,000Common stockholders' equity 620,000Total liabilities andstockholders' equity $1,080,0002. Perform horizontal and vertical analysis on Westward both income statement and balance sheet, show your results.3. Assess the financial performance of Westward, given the analysis tools used above.

 

Paper#44764 | Written in 18-Jul-2015

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