Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders’ equity item as a percent of the total liabilities and stockholders’ equity. If required, round percentages to one decimal place.
Balance
sheet data for Novak Company on December 31, the end of two recent fiscal
years, follows:
|
1 |
Current |
Previous |
|
|
2 |
Current assets |
$1,300,000.00 |
$945,000.00 |
|
3 |
Property, plant, |
3,000,000.00 |
3,150,000.00 |
|
4 |
Intangible assets |
700,000.00 |
405,000.00 |
|
5 |
Current liabilities |
1,000,000.00 |
720,000.00 |
|
6 |
Long-term |
1,500,000.00 |
1,575,000.00 |
|
7 |
Common stock |
500,000.00 |
495,000.00 |
|
8 |
Retained earnings |
2,000,000.00 |
1,710,000.00 |
Prepare a
comparative balance sheet for both years, stating each asset as a percent of
total assets and each liability and stockholders’ equity item as a percent of
the total liabilities and stockholders’ equity. If required, round percentages
to one decimal place.
Balance Sheet
Prepare a
comparative balance sheet for both years, stating each asset as a percent of
total assets and each liability and stockholders’ equity item as a percent of
the total liabilities and stockholders’ equity. If required, round percentages
to one decimal place.
|
Novak |
|
Comparative |
|
For |
|
1 |
Current |
Current |
Previous |
Previous |
|
|
2 |
Amount |
Percent |
Amount |
Percent |
|
|
3 |
Assets |
||||
|
4 |
Current assets |
$1,300,000.00 |
$945,000.00 |
||
|
5 |
Property, plant, |
3,000,000.00 |
3,150,000.00 |
||
|
6 |
Intangible assets |
700,000.00 |
405,000.00 |
||
|
7 |
Total assets |
$5,000,000.00 |
$4,500,000.00 |
||
|
8 |
Liabilities |
||||
|
9 |
Current liabilities |
$1,000,000.00 |
$720,000.00 |
||
|
10 |
Long-term |
1,500,000.00 |
1,575,000.00 |
||
|
11 |
Total liabilities |
$2,500,000.00 |
$2,295,000.00 |
||
|
12 |
Stockholders’ |
||||
|
13 |
Common stock |
$500,000.00 |
$495,000.00 |
||
|
14 |
Retained earnings |
2,000,000.00 |
1,710,000.00 |
||
|
15 |
Total stockholders’ |
$2,500,000.00 |
$2,205,000.00 |
||
|
16 |
Total liabilities |
$5,000,000.00 |
____________ |
$ 4,500,000.00 |
_____________ |
