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

question 148

Essay

Mobile Designs,Inc.
Use the selected data from the comparative financial statements for Mobile Designs,Inc.to answer the questions that follow.
Mobile Designs,Inc.
Balance Sheet Accounts
(all accounts have normal balances)
(in millions)
Refer to the account information for Mobile Designs,Inc.
REQUIRED:
(1)Calculate percentage changes in accounts payable and income taxes payable.Give a possible explanation for the changes in these accounts.
(2)By how much did Mobile Designs' long-term and short-term borrowings change from 2012 to 2013? Give a possible explanation for the change in debt.What other financial statement would be useful in analyzing the change in borrowings? Why?

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Definitions:

Technology Use

The application of scientific knowledge for practical purposes, especially in industry and everyday life.

Reliable Content

Reliable Content implies information available online or in digital formats that is trustworthy and accurate.

Factory Settings

The default configurations and settings a device or software program has when it is first manufactured or initially set up, often restored to resolve issues.

Nonprofit Organization

An organization that operates for purposes other than making a profit, often focusing on social, educational, charitable, or cultural missions.