Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follow: 1 Current Year Previous Year 2 Current assets $1,469,000.00 $1,030,000.00 3 Property, plant, and equipment 3,164,000.00 3,399,000.00 4 Intangible assets 1,017,000.00 721,000.00 5 Current liabilities 1,017,000.00 669,500.00 6 Long-term liabilities 1,582,000.00 1,751,000.00 7 Common stock 565,000.00 618,000.00 8 Retained earnings 2,486,000.00 2,111,500.00 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. 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. Alvaraz Company Comparative Balance Sheet For the Years Ended December 31 1 Current Year Current Year Previous Year Previous Year 2 Amount Percent Amount Percent 3 Current assets $1,469,000.00 $1,030,000.00 4 Property, plant, and equipment 3,164,000.00 3,399,000.00 5 Intangible assets 1,017,000.00 721,000.00 6 Total assets $5,650,000.00 $5,150,000.00 7 Current liabilities $1,017,000.00 $669,500.00 8 Long-term liabilities 1,582,000.00 1,751,000.00 9 Common stock 565,000.00 618,000.00 10 Retained earnings 2,486,000.00 2,111,500.00 11 Total liabilities and stockholders’ equity $5,650,000.00 $5,150,000.00

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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Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follow:

1		Current Year	Previous Year
2	Current assets	$1,469,000.00	$1,030,000.00
3	Property, plant, and equipment	3,164,000.00	3,399,000.00
4	Intangible assets	1,017,000.00	721,000.00
5	Current liabilities	1,017,000.00	669,500.00
6	Long-term liabilities	1,582,000.00	1,751,000.00
7	Common stock	565,000.00	618,000.00
8	Retained earnings	2,486,000.00	2,111,500.00

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.

Alvaraz Company

Comparative Balance Sheet

For the Years Ended December 31

1		Current Year	Current Year	Previous Year	Previous Year
2		Amount	Percent	Amount	Percent
3	Current assets	$1,469,000.00		$1,030,000.00
4	Property, plant, and equipment	3,164,000.00		3,399,000.00
5	Intangible assets	1,017,000.00		721,000.00
6	Total assets	$5,650,000.00		$5,150,000.00
7	Current liabilities	$1,017,000.00		$669,500.00
8	Long-term liabilities	1,582,000.00		1,751,000.00
9	Common stock	565,000.00		618,000.00
10	Retained earnings	2,486,000.00		2,111,500.00
11	Total liabilities and stockholders’ equity	$5,650,000.00		$5,150,000.00

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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