Problem: Prepare a common-size balance sheet from the following information for Blossom Supply Company. (Round answers to 1 decimal place, e.g. 52.7%.) Blossom Supply Company Balance Sheet as of June 30, 2017($ thousands) Assets: % of Assets Liabilities and Equity: % of Assets Cash and marketable securities $ 399,000 9.3 % Accounts payable $ 820,000 enter percentages of assets % Accounts receivable 708,000 16.5% Notes payable 110,000 enter percentages of assets % Inventory 1,155,000 26.9 Accrued income taxes 43,800 enter percentages of assets % Other current assets 42,400 1% Total current liabilities $ 973,800 enter percentages of assets % Total current assets $ 2,304,400 53.7% Long-term debt 1,158,000 enter percentages of assets % Net plant and equipment 1,986,000 46.3% Total liabilities $ 2,131,800 enter percentages of assets % Common stock 1,320,000 enter percentages of assets % Retained earnings 838,600 enter percentages of assets % Total common equity $ 2,158,600 enter percentages of assets % Total assets $ 4,290,400 100% Total liabilities and equity $ 4,290,400 enter percentages of assets %

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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Can I please get help with the Liabilities and Equity Percentages, thanks in advance

Problem: Prepare a common-size balance sheet from the following information for Blossom Supply Company. (Round answers to 1 decimal place, e.g. 52.7%.)

Blossom Supply Company Balance Sheet as of June 30, 2017($ thousands)
Assets:		% of Assets	Liabilities and Equity:		% of Assets
Cash and marketable securities	$ 399,000	9.3 %	Accounts payable	$ 820,000	enter percentages of assets %
Accounts receivable	708,000	16.5%	Notes payable	110,000	enter percentages of assets %
Inventory	1,155,000	26.9	Accrued income taxes	43,800	enter percentages of assets %
Other current assets	42,400	1%	Total current liabilities	$ 973,800	enter percentages of assets %
Total current assets	$ 2,304,400	53.7%	Long-term debt	1,158,000	enter percentages of assets %
Net plant and equipment	1,986,000	46.3%	Total liabilities	$ 2,131,800	enter percentages of assets %
			Common stock	1,320,000	enter percentages of assets %
			Retained earnings	838,600	enter percentages of assets %
			Total common equity	$ 2,158,600	enter percentages of assets %
Total assets	$ 4,290,400	100%	Total liabilities and equity	$ 4,290,400	enter percentages of assets %