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 CompanyComparative Balance SheetFor the Years Ended December 311 Current YearCurrent YearPrevious YearPrevious Year2 AmountPercentAmountPercent3Current assets$1,998,000.00 $1,518,000.00 4Property, plant, and equipment4,070,000.00 4,623,000.00 5Intangible assets1,332,000.00 759,000.00 6Total assets$7,400,000.00 $6,900,000.00 7Current liabilities$1,332,000.00 $1,035,000.00 8Long-term liabilities1,850,000.00 2,208,000.00 9Common stock740,000.00 828,000.00 10Retained earnings3,478,000.00 2,829,000.00 11Total liabilities and stockholders’ equity$7,400,000.00 $6,900,000.00

The comparative balance sheet is a financial statement that shows accounting estimates for 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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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	$1,998,000.00		$1,518,000.00
4	Property, plant, and equipment	4,070,000.00		4,623,000.00
5	Intangible assets	1,332,000.00		759,000.00
6	Total assets	$7,400,000.00		$6,900,000.00
7	Current liabilities	$1,332,000.00		$1,035,000.00
8	Long-term liabilities	1,850,000.00		2,208,000.00
9	Common stock	740,000.00		828,000.00
10	Retained earnings	3,478,000.00		2,829,000.00
11	Total liabilities and stockholders’ equity	$7,400,000.00		$6,900,000.00

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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