Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current YearPrevious YearCurrent assets$254,910 $151,570 Property, plant, and equipment518,610 461,300 Intangible assets105,480 46,130 Current liabilities202,170 105,440 Long-term liabilities325,230 263,600 Common stock87,900 85,670 Retained earnings263,700 204,290 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 is a financial statement that shows a list of the final ending balance of assets,…

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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 Kwan Company on December 31, the end of two recent fiscal years, follow:

	Current Year	Previous Year
Current assets	$254,910		$151,570
Property, plant, and equipment	518,610		461,300
Intangible assets	105,480		46,130
Current liabilities	202,170		105,440
Long-term liabilities	325,230		263,600
Common stock	87,900		85,670
Retained earnings	263,700		204,290

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.

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