ABC Inc., Balance Sheet Assets 2020 2019 Difference % changed Cash $ 70,000 $ 51,000 Account Receivable 55,000 30,000 Inventory 75,000 61,000 Prepaid Insurance 12,000 12,000 Short term investment 65,000 50,000 Note Receivable 23,000 38,000 Investments 55,000 85,000 Equipment 70,000 48,000 Building 145,000 145,000 Land 40,000 25,000 Total Assets $610,000 $545,000 Liabilities Account Payable $ 66,000 $ 60,000 Unearned Revenue 10,000 8,000 Salary Payable 12,000 10,000 Short term debt 21,000 14,000 Income tax payable 37,000 28,000 Long Term Note Payable 62,000 70,000 Total Liabilities $208,000 $190,000 Equity Common Stock $310,000 $260,000 Retained Earnings 92,000 95,000 Total Equity $402,000 $355,000 Total Liability and Equity $610,000 $545,000
Hello Tutor,
I have completed the following question. Can you verify if it is correct? Thank you.
[2] Using comparative analysis on
ABC Inc.,
Balance Sheet
|
Assets |
2020 |
2019 |
Difference |
% changed |
|
Cash |
$ 70,000 |
$ 51,000 |
|
|
|
|
55,000 |
30,000 |
|
|
|
Inventory |
75,000 |
61,000 |
|
|
|
Prepaid Insurance |
12,000 |
12,000 |
|
|
|
Short term investment |
65,000 |
50,000 |
|
|
|
Note Receivable |
23,000 |
38,000 |
|
|
|
Investments |
55,000 |
85,000 |
|
|
|
Equipment |
70,000 |
48,000 |
|
|
|
Building |
145,000 |
145,000 |
|
|
|
Land |
40,000 |
25,000 |
|
|
|
Total Assets |
$610,000 |
$545,000 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Account Payable |
$ 66,000 |
$ 60,000 |
|
|
|
Unearned Revenue |
10,000 |
8,000 |
|
|
|
Salary Payable |
12,000 |
10,000 |
|
|
|
Short term debt |
21,000 |
14,000 |
|
|
|
Income tax payable |
37,000 |
28,000 |
|
|
|
Long Term Note Payable |
62,000 |
70,000 |
|
|
|
Total Liabilities |
$208,000 |
$190,000 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
Common Stock |
$310,000 |
$260,000 |
|
|
|
|
92,000 |
95,000 |
|
|
|
Total Equity |
$402,000 |
$355,000 |
|
|
|
|
|
|
|
|
|
Total Liability and Equity |
$610,000 |
$545,000 |
|
|
Interpretation on your analysis :
![[2] Using comp
ABC Inc.,
Balance Sheet
% changed
37.3%
83.3
23,0%
Difference
2019
2020
Assets
$ 51,000
30,000
$ 70,000
Cash
55,000
Account Receivable
75,000
61,000
Inventory
Prepaid Insurance
12,000
12,000
30.0%
50,000
38,000
85,000
48,000
65,000
23,000
00) (39.15)
830,007 (3r.3 2)
35.3 %6
22,d
Short term investment
Note Receivable
55,000
70,000
145,000
Investments
Equipment
Building
145,000
60%
Land
25,000
$545,000
40,000
15,00
Total Assets
$610,000
Liabilities
Account Payable
$ 66,000
10,000
$ 60,000
6o08
2o00
10.0%
25.03
10,07
Unearned Revenue
8,000
Salary Payable
12,000
10,000
Short term debt
21,000
14,000
Income tax payable
37,000
28,000
39.3%
(11.4%)
Long Term Note Payable
62,000
70,000
$190,000
Total Liabilities
$208,000
Equity
Common Stock
$310,000
92,000
$402,000
$260,000
Retained Earnings
Total Equity
(300)
19,27%
3.2 To
95,000
$355,000
Total Liability and Equity
$610,000
$545,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c476e76-6dbc-4fec-9ab8-8ced8bfd29ac%2F3582757b-7e97-4861-bccc-d2e0ee7903fe%2Fwdrwmqf_processed.jpeg&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
