Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $238,670 $141,910 Property, plant, and equipment 477,340 425,730 Intangible assets 106,990 49,360 Current liabilities 148,140 80,210 Long-term liabilities 320,970 234,460 Common stock 90,530 92,550 Retained earnings 263,360 209,780 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. Kwan Company Comparative Balance Sheet For the Years Ended December 31 Current Year Amount Current Year Percent Previous Year Amount Previous Year Percent Current assets $238,670 % $141,910 % Property, plant, and equipment 477,340 % 425,730 % Intangible assets 106,990 % 49,360 % Total assets $823,000 % $617,000 % Current liabilities $148,140 % $80,210 % Long-term liabilities 320,970 % 234,460 % Common stock 90,530 % 92,550 % Retained earnings 263,360 % 209,780 % Total liabilities and stockholders' equity $823,000 % $617,000 %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Vertical Analysis of Balance Sheet

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


	Current Year	Previous Year
Current assets	$238,670	$141,910
Property, plant, and equipment	477,340	425,730
Intangible assets	106,990	49,360
Current liabilities	148,140	80,210
Long-term liabilities	320,970	234,460
Common stock	90,530	92,550
Retained earnings	263,360	209,780

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.

Kwan Company

Comparative Balance Sheet

For the Years Ended December 31


	Current Year Amount	Current Year Percent	Previous Year Amount	Previous Year Percent
Current assets	$238,670	%	$141,910	%
Property, plant, and equipment	477,340	%	425,730	%
Intangible assets	106,990	%	49,360	%

Total assets	$823,000	%	$617,000	%
Current liabilities	$148,140	%	$80,210	%
Long-term liabilities	320,970	%	234,460	%
Common stock	90,530	%	92,550	%

Retained earnings	263,360	%	209,780	%
Total liabilities and stockholders' equity	$823,000	%	$617,000	%

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions