Vertical Analysis of Balance SheetBalance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow:Current YearPrevious YearCurrent assetsProperty, plant, and equipmentIntangible assetsCurrent liabilitiesLong-term liabilitiesCommon stockRetained earningsPrepare 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 andstockholders' equity. If required, round percentages to one decimal place.Current assetsProperty, plant, and equipmentIntangible assetsTotal assets$301,200572,280130,520220,880381,520120,480281,120Kwan CompanyComparative Balance SheetFor the Years Ended December 31Current liabilitiesLong-term liabilitiesCommon stock$220,880381,520120,480281,120Retained earningsTotal liabilities and stockholders' equity $1,004,000PreviousyearyearAmount Percent$188,250% 504,51060,240% $753,000$120,480308,730120,480% 203,310% $753,000Current Current PreviousyearyearAmount Percent$301,200572,280130,520$1,004,000%%$188,250504,51060,240120,480308,730120,480203,310%%%%%%%%%%%%

Meaning of balance sheet A balance sheet is a part of final accounts which shows the financial…

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.

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.

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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