Auto Designs, Inc. Use the Selected Data from the Comparative Financial Statements for Financial

question 163

Essay

Auto Designs, Inc.
Use the selected data from the comparative financial statements for Auto Designs, Inc. to answer the questions that follow.

-Refer to the account information for Auto Designs, Inc.
REQUIRED:
Compute the total current liabilities for the years 2015 and 2014. Calculate the percentage change in the total current liabilities.

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Definitions:

Revised Act

is an updated version of a legislative act that incorporates amendments or corrections to the original text, aiming to clarify or improve the law.

Articles of Incorporation

A document filed with a state governmental body to legally document the creation of a corporation, detailing basic information such as its name, purpose, and structure.

Callable Bonds

Bonds that can be redeemed by the issuer before their maturity date at a predetermined price.

Redemption Provision

A clause in a bond or other fixed-income security that allows the issuer to repurchase and retire its bonds before the maturity date.