Presented Below Are Condensed Data from the Financial Statements of Gallo

question 145

Essay

Presented below are condensed data from the financial statements of Gallo Factory for 2014 and 2013.The figures are expressed in thousands.Use this information to answer the questions that follow.
Required: How much of Gallo Factory is financed by creditors at the end of December of 2014? Evaluate the change from 2013 to 2014.

Understand the principles of revenue recognition and expense reporting.

Identify the normal balance of different types of accounts (assets, liabilities, equity, revenue, and expenses).

Apply journal entry recording for various business transactions.

Analyze the impact of transactions on financial statements (balance sheet, income statement, statement of cash flows).

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The study of communication through non-verbal means, such as gestures and body language, particularly in human interactions.

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