Here is financial information for Teal Mountain Inc. December 31, 2022 December 31, 2021Current assets $110,800 $ 94,800Plant assets (net) 404,800 354,800Current liabilities 103,800 69,800Long-term liabilities 126,800 94,800Common stock, $1 par 134,800 119,800Retained earnings 150,200 165,200Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.)TEAL MOUNTAIN INC.Condensed Balance SheetDecember 31 Increase or (Decrease) 2022 2021 Amount PercentageAssets Current Assets $110,800 $94,800 $enter a dollar amount enter percentages rounded to 1 decimal place%Plant assets (net) 404,800 354,800 enter a dollar amount enter percentages rounded to 1 decimal place% Total assets $515,600 $449,600 $enter a dollar amount enter percentages rounded to 1 decimal place%Liabilities Current Liabilities $103,800 $69,800 $enter a dollar amount enter percentages rounded to 1 decimal place%Long-term liabilities 126,800 94,800 enter a dollar amount enter percentages rounded to 1 decimal place% Total liabilities $230,600 $164,600 $enter a dollar amount enter percentages rounded to 1 decimal place%Stockholders’ Equity Common stock, $1 par 134,800 119,800 enter a dollar amount enter percentages rounded to 1 decimal place%Retained earnings 150,200 165,200 enter a dollar amount enter percentages rounded to 1 decimal place% Total stockholders’ equity 285,000 285,000 enter a dollar amount enter percentages rounded to 1 decimal place% Total liabilities and stockholders’ equity $515,600 $449,600 $enter a dollar amount enter percentages rounded to 1 decimal place%

Horizontal Analysis: It is a technique of analysing the financial statements of an organization…

Answered: Prepare a schedule showing a horizontal…

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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Here is financial information for Teal Mountain Inc.

	December 31, 2022	December 31, 2021
Current assets	$110,800	$ 94,800
Plant assets (net)	404,800	354,800
Current liabilities	103,800	69,800
Long-term liabilities	126,800	94,800
Common stock, $1 par	134,800	119,800
Retained earnings	150,200	165,200

Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.)

TEAL MOUNTAIN INC. Condensed Balance Sheet December 31
			Increase or (Decrease)
	2022	2021	Amount	Percentage
Assets
Current Assets	$110,800	$94,800	$enter a dollar amount	enter percentages rounded to 1 decimal place	%
Plant assets (net)	404,800	354,800	enter a dollar amount	enter percentages rounded to 1 decimal place	%
Total assets	$515,600	$449,600	$enter a dollar amount	enter percentages rounded to 1 decimal place	%
Liabilities
Current Liabilities	$103,800	$69,800	$enter a dollar amount	enter percentages rounded to 1 decimal place	%
Long-term liabilities	126,800	94,800	enter a dollar amount	enter percentages rounded to 1 decimal place	%
Total liabilities	$230,600	$164,600	$enter a dollar amount	enter percentages rounded to 1 decimal place	%
Stockholders’ Equity
Common stock, $1 par	134,800	119,800	enter a dollar amount	enter percentages rounded to 1 decimal place	%
Retained earnings	150,200	165,200	enter a dollar amount	enter percentages rounded to 1 decimal place	%
Total stockholders’ equity	285,000	285,000	enter a dollar amount	enter percentages rounded to 1 decimal place	%
Total liabilities and stockholders’ equity	$515,600	$449,600	$enter a dollar amount	enter percentages rounded to 1 decimal place	%

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