Percentage changes
Selected information from the financial statements of Perfectly Baked Cake Co. appears below:
(a) Compute the percentage change in each of the above items from 2010 to 2011. Use a + or - to indicate increase or decrease.
(b) Compute net income as a percentage of net sales in each year. (Round to the nearest one-tenth of 1%)
Definitions:
Useful Life
The estimated period that an asset is expected to be usable for the purpose for which it was acquired, affecting its depreciation or amortization.
AASB 116
An Australian accounting standard that outlines the accounting treatment for property, plant, and equipment including recognition, depreciation, and impairment.
Revaluations
The process of adjusting the book value of a capital asset or currency to its current market value.
Property, Plant and Equipment
Long-term tangible assets held for business use and not expected to be converted to cash in the short term.
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