Prepare a horizontal analysis of both the balance sheet and income statement.Complete this question by entering your answers in the tabs below.Analysis BalSheetAnalysis IncStmtPrepare a horizontal analysis of the balance sheet. (Negative answers should be indicated by a minus sign. Round your answersto 1 decimal place. (i.e., .234 should be entered as 23.4).)THORNTON COMPANYHorizontal Analysis of Balance SheetsYear 4Year 3% ChangeAssetsCurrent assetsCash$17,200 $12,200%Marketable securities21,6006,800Accounts receivable (net)55,80046,600Inventories135,100143,000Prepaid items26,70011,700Total current assets256,400220,300Investments27,70021,700Plant (net)271,900256,700Land30,60025,800Total long-term assets330,200304,200Total assets$586,600 $524,500Liabilities and Stockholders' EquityLiabilitiesCurrent liabilitiesNotes payable$15,300 $4,900Accounts payable112,90098,300Salaries payable20,90013,300Total current liabilities149,100116,500Noncurrent liabilitiesBonds payable98,70098,700Other30,00025,200Total noncurrent liabilities128,700123,900Total liabilities277,800240,400Stockholders' equityPreferred stock (par value $10, 4% cumulative,nonparticipating; 6,500 shares authorized and issued)65,00065,000Common stock (no par; 50,000 shares authorized; 10,000shares issued)65,00065,000Retained earnings178,800154,100Total stockholders' equity308,800284,100Total liabilities & stockholders' equity$586,600 $524,500%< Analysis Bal SheetAnalysis Inc Stmt >

The horizontal analysis analyze the financial statements of the two given financial years.

Prepare a horizontal analysis of both the balance sheet and income statement. Complete this question by entering your answers in the tabs below. Analysis Bal Analysis Inc Sheet Stmt Prepare a horizontal analysis of the balance sheet. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) THORNTON COMPANY Horizontal Analysis of Balance Sheets Year 4 Year 3 % Change Assets Current assets 12,200 6,800 46,600 143,000 11,700 220,300 21,700 256,700 25,800 304,200 524,500 Cash 17,200 $ % Marketable securities 21,600 55,800 135,100 26,700 256,400 27,700 Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) 271,900 30,600 330,200 586,600 $ Land Total long-term assets Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities $ 15,300 $ 112,900 20,900 149,100 4,900 98,300 13,300 Notes payable Accounts payable Salaries payable Total current liabilities 116,500 Noncurrent liabilities 98,700 25,200 123,900 Bonds payable 98,700 Other 30,000 Total noncurrent liabilities 128,700 Total liahilities 277 800 240 400

Prepare a horizontal analysis of both the balance sheet and income statement. Complete this question by entering your answers in the tabs below. Analysis Bal Analysis Inc Sheet Stmt Prepare a horizontal analysis of the balance sheet. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) THORNTON COMPANY Horizontal Analysis of Balance Sheets Year 4 Year 3 % Change Assets Current assets 12,200 6,800 46,600 143,000 11,700 220,300 21,700 256,700 25,800 304,200 524,500 Cash 17,200 $ % Marketable securities 21,600 55,800 135,100 26,700 256,400 27,700 Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) 271,900 30,600 330,200 586,600 $ Land Total long-term assets Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities $ 15,300 $ 112,900 20,900 149,100 4,900 98,300 13,300 Notes payable Accounts payable Salaries payable Total current liabilities 116,500 Noncurrent liabilities 98,700 25,200 123,900 Bonds payable 98,700 Other 30,000 Total noncurrent liabilities 128,700 Total liahilities 277 800 240 400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Current Position Analysis The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $620,200 $495,600 Marketable securities 718,100 557,600 Accounts and notes receivable (net) 293,700 185,800 Inventories 314,200 179,900 Prepaid expenses 161,800 115,100 Total current assets $2,108,000 $1,534,000 Current liabilities: Accounts and notes payable (short-term) $394,400 $413,000 Accrued liabilities 285,600 177,000 Total current liabilities $680,000 $590,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital $fill in the blank 1 $fill in the blank 2 2. Current ratio fill in the blank 3 fill in the blank 4…
Required Prepare a vertical analysis of both the balance sheets and income statements for Year 4 and Year 3. Complete this question by entering your answers in the tabs below. Analysis Bal Sheet Analysis Inc Stmt Prepare a vertical analysis of an income statements for Year 4 and Year 3. (Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (i.e., .2345 should be entered as 23.45).) ALLENDALE COMPANY Vertical Analysis of Income Statements Year 4 Year 3 Amount % Total Amount % Total Revenues Sales (net) $ 230,000 100.00 % $ 210,000 100.00 % Other revenues 8,000 5,000 Total revenues 238,000 215,000 Expenses Cost of goods sold 120,000 103,000 Selling, general, and administrative expense 55,000 50,000 Interest expense 8,000 7,200 Income tax expense 23,000 22,000 Total expenses 206,000 182,200 Net income $ 32,000 % $ 32,800 %
The balance sheet data of Randolph Company for two recent years appears below: Assets: Year 2 Year 1 Current assets $445 $280 Plant assets 680 520 Total assets $1,125 $800 Liabilities and stockholders' equity: Current liabilities $285 $120 Long-term debt 255 160 Common stock 325 320 Retained earnings 260 200 Total liabilities and stockholders' equity $1,125 $800 Required: b. Using vertical analysis, prepare a comparative balance sheet. If required, round your answers to one decimal place. Randolph Company Comparative Balance Sheet For the Years Ended December 31, Year 2 and Year 1 Assets Year 2Amount Year 2Percent Year 1Amount Year 1Percent Current assets $445 fill in the blank 2e1a1e0b0fbcf94_1% $280 fill in the blank 2e1a1e0b0fbcf94_2% Plant assets 680 fill in the blank 2e1a1e0b0fbcf94_3 520 fill in the blank 2e1a1e0b0fbcf94_4 Total assets $1,125 fill in the blank 2e1a1e0b0fbcf94_5% $800 fill in the…
A condensed balance sheet for Simultech Corporation and a partially completed vertical analysis are presented below. Complete the vertical analysis by computing each missing line item as a percentage of total assets. (Round your answers to the nearest whole percent.) SIMULTECH CORPORATION Balance Sheet (summarized) January 31 (in millions of U.S. dollars) Cash $433 29 % Current Liabilities $409 27 % Accounts Receivable 294 19 Long-term Liabilities 495 33 Inventory 206 14 Total Liabilities 904 Other Current Assets 109 Common Stock 118 Property and Equipment 27 2 Retained Earnings 492 32 Other Assets 445 29 Total Stockholders’ Equity 610 Total Assets $1,514 100 % Total Liabilities & Stockholders’ Equity $1,514 100 % 2A. What percentage of Simultech’s total assets relate to inventory? (Round your answer to the nearest whole percent.) 2B. What percentage of Simultech’s total assets relate to property…
Required: 1. Express all of the asset, liability, and sales data in trend percentages. Use Year 1 as the base year. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) Sales Current assets: Cash Accounts receivable, net Inventory Total current assets Current liabilities Year 1 % % % % % % Year 2 % % % % % % Year 3 % % % % % % Year 4 % % % % % Year 5 % % % % %
The comparative accounts payable and long-term debt balances for a company follow. Current Year Previous Year Accounts payable $47,481 $39,900 Long-term debt 44,650 47,000 Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance sheet with horizontal analysis? Enter all answers as positive numbers. Amount of Change Increase/Decrease Percentage Accounts payable $fill in the blank 1 IncreaseDecrease fill in the blank 3 % Long-term debt $fill in the blank 4 IncreaseDecrease fill in the blank 6 %
Current Attempt in Progress Using these data from the comparative balance sheets of Ivanhoe Company, perform horizontal analysis. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%).) Accounts receivable (net) Inventory Total assets e Textbook and Media December 31, 2022 $496,800 787,500 3,188,360 December 31, 2021 $414,000 SA VA 630,000 $ 2,702,000 $ SA Amount Increase or (Decrease) Percentage % % %
Problem 17-2A (Algo) Ratios, common-size statements, and trend percer [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 $546,242 328,838 217,404 77,566 49,162 126,728 90,676 16,866 $ 73,810 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31 2020 $ 418,466 263,634 2021 % 154,832 57,748 36,825 94,573 60, 259 12,353 $ 47,906 % $61,141 0 113,547…
Using the following selected items from the comparative balance sheet of Oriole Products.Determine the horizontal analysis. (Round percentages to 2 decimal places, e.g. 12.21%. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) ORIOLEPRODUCTSComparative Balance SheetDecember 31 2014 2013 Horizontal analysis Amount Percentage Amount Percentage Current assets $110,880 enter percentages % $128,216 enter percentages % Long-term assets 174,240 enter percentages % 117,304 enter percentages % Total assets 3,168,000 enter percentages % 2,728,000 enter percentages % Determine the vertical analysis. (Round percentages to 1 decimal place, e.g. 12.2%.) ORIOLEPRODUCTSComparative Balance SheetDecember 31 2014 2013 Vertical analysis Amount Percentage Amount Percentage Current assets $110,880…
Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expense 979 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 83 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 7,734 Other nonoperating income, net (157) Interest expense 1,444 Income before income taxes 6,447 Income tax provision 547 Net income 5,900 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $5,881…
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 $278,110 $150,990 Property, plant, and equipment 575,400 517,680 Intangible assets 105,490 50,330 Current liabilities 182,210 100,660 Long-term liabilities 412,370 309,170 Common stock 95,900 93,470 Retained earnings 268,520 215,700 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 CompanyComparative Balance Sheet For the Years Ended December 31 Current assets $278,110 fill in the blank 1% $150,990 fill in the blank 2% Property, plant, and equipment 575,400 fill in the blank 3% 517,680 fill in the blank 4% Intangible assets 105,490…
Using these data from the comparative balance sheets of Carla Vista Co., perform horizontal analysis. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%).) Increase or (Decrease) December 31, 2022 December 31, 2021 Amount Percentage Accounts receivable (net) $522,040 $421,000 $enter Accounts receivable in dollars enter Accounts receivable in percentages % Inventory 832,050 645,000 $enter Inventory in dollars enter Inventory in percentages % Total assets 3,383,060 2,773,000 $enter Total assets in dollars enter Total assets in percentages %