Question: 1. (a) What are common-sized financial statements?
(b) Why are common-sized financial statements useful in interpreting and analyzing financial statements?
2. The balance in the unearned fees account, before adjustment at the end of the year, is $9,750. What is the adjustment if the amount of unearned fees at the end of the year is $5,600? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.