Presented below is the comparative balance sheet for Novak Company.AssetsCashNovak CompanyComparative Balance SheetAs of December 31Accounts receivable (net)Short-term investmentsInventoriesPrepaid expensesPlant & equipmentAccumulated depreciationLiabilities and Stockholders' EquityAccounts payableAccrued expensesBonds payableCommon stockRetained earningsDecember 312026$180,100220,200267,5001,055,10024,8002,585,300(1,004,300)$3,328,700$49,600171,200445,9002,108,000554,000$3,328,7002025$274,700155,800148,900970,30024,8001,943,900(749,000)$2,769,400$75,300199,000189,2001,768,300537,600$2,769,400 and stockholders' equity. (Round percentages to 2 decimal places, e.g. 2.25%.)NOVAK COMPANYComparative Balance SheetDecember 31, 2026 and 2025CashAssetsAccounts receivable(net)Short-terminvestmentsInventoriesPrepaid expensesPlant and equipmentAccumulateddepreciationTotalCommon stockRetained earningsTotal$180,100Touthook and Madis220,200267,5001,055,10024,800Liabilities and Stockholders' EquityAccounts payableAccrued expensesBonds payable2,585,300(1,004,300)$3,328,700$49,600171,200445,9002,108,000554,000$3,328,7002026December 31%%%%%%%%%%$274,700%155,800148,900970,300% $2,769,40024,8001,943,900(749,000)$75,300199,000189,2001,768,300537,600% $2,769,4002025%%%%8%28%%%%%

In this question, we need to compute the percentages of each item in the balance sheet compared to…

Assets Cash Accounts receivable (net) Short-term investments Inventories Prepaid expenses Plant and equipment Accumulated depreciation Total $180,100 Total 220,200 267,500 1,055,100 24,800 2,585,300 (1,004,300) $3,328,700 Liabilities and Stockholders' Equity Accounts payable $49,600 Accrued expenses Bonds payable Common stock Retained earnings 171,200 445,900 2,108,000 554,000 $3,328,700 NOVAK COMPANY Comparative Balance Sheet December 31, 2026 and 2025 2026 December 31 % % % % 96 96 96 96 96 % 96 96 96 $274,700 155,800 148,900 970,300 24,800 1,943,900 (749,000) $2,769,400 $75,300 199,000 189,200 1,768,300 537,600 % $2,769,400 2025 96 96 96 %6 96 96 96 % 96 % 96 96 %

Assets Cash Accounts receivable (net) Short-term investments Inventories Prepaid expenses Plant and equipment Accumulated depreciation Total $180,100 Total 220,200 267,500 1,055,100 24,800 2,585,300 (1,004,300) $3,328,700 Liabilities and Stockholders' Equity Accounts payable $49,600 Accrued expenses Bonds payable Common stock Retained earnings 171,200 445,900 2,108,000 554,000 $3,328,700 NOVAK COMPANY Comparative Balance Sheet December 31, 2026 and 2025 2026 December 31 % % % % 96 96 96 96 96 % 96 96 96 $274,700 155,800 148,900 970,300 24,800 1,943,900 (749,000) $2,769,400 $75,300 199,000 189,200 1,768,300 537,600 % $2,769,400 2025 96 96 96 %6 96 96 96 % 96 % 96 96 %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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