Comparative Balance Sheet December 31, 2020 and 2019 Increase (Decrease) 2020 2019 Amount Percent Assets Current assets: Cash 8,250 15,000 24,750 47,250 12,750 Accounts receivable 20,250 Merchandise inventory 20,250 Prepaid advertising 57,000 Total current assets 110,250 $ 95,250 Plant and equipment: Building (net) 121,500 $ 128,250 Land 97,500 225,750 321,000 97,500 Total plant and equipment 219,000 $ Total assets 2. 329,250 $ Liabilities Current liabilities: Accounts payable 121,500 19,500 141,000 134,250 %24 Salaries payable 24,750 Total current liabilities 159,000 %24 Long-term liabilities: Mortgage note payable 101,250 88,500 Total liabilities 24 260,250 $ 229,500 Owner's Equity J. Brown, capital Total liabilities and owner's equity 91,500 321,000 69,000 329,250 $ %24 %24 %24
Comparative Balance Sheet December 31, 2020 and 2019 Increase (Decrease) 2020 2019 Amount Percent Assets Current assets: Cash 8,250 15,000 24,750 47,250 12,750 Accounts receivable 20,250 Merchandise inventory 20,250 Prepaid advertising 57,000 Total current assets 110,250 $ 95,250 Plant and equipment: Building (net) 121,500 $ 128,250 Land 97,500 225,750 321,000 97,500 Total plant and equipment 219,000 $ Total assets 2. 329,250 $ Liabilities Current liabilities: Accounts payable 121,500 19,500 141,000 134,250 %24 Salaries payable 24,750 Total current liabilities 159,000 %24 Long-term liabilities: Mortgage note payable 101,250 88,500 Total liabilities 24 260,250 $ 229,500 Owner's Equity J. Brown, capital Total liabilities and owner's equity 91,500 321,000 69,000 329,250 $ %24 %24 %24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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16 Homework O
Complete a horizontal analysis for Brown Company. (Negative answers should be indicated by a minus sign. Leave no cells blank -
be certain to enter "0" wherever required. Round the "percent" answers to the nearest hundredth percent.)"
Transcribed Image Text:Saved
16 Homework O
Complete a horizontal analysis for Brown Company. (Negative answers should be indicated by a minus sign. Leave no cells blank -
be certain to enter "0" wherever required. Round the "percent" answers to the nearest hundredth percent.)

Transcribed Image Text:Comparative Balance Sheet
December 31, 2020 and 2019
Increase (Decrease)
2020
2019
Amount
Percent
Assets
Current assets:
Cash
12,750 S
8,250
Accounts receivable
20,250
15,000
Merchandise inventory
20,250
24,750
Prepaid advertising
57,000
47,250
Total current assets
110,250
%24
95,250
Plant and equipment:
Building (net)
121,500 $
128,250
Land
97,500
97,500
Total plant and equipment
219,000 $
225,750
Total assets
329,250 $
321,000
Liabilities
Current liabilities:
Accounts payable
134,250 $
121,500
Salaries payable
24,750
19,500
Total current liabilities
159,000 $
141,000
Long-term liabilities:
Mortgage note payable
101,250
88,500
Total liabilities
260,250 $
229,500
Owner's Equity
J. Brown, capital
69,000
91,500
Total liabilities and owner's equity
329,250
321,000
%24
%24
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