Comparative balance sheets are available for Floatlin Group: Floatlin Group Comp
ID: 1170836 • Letter: C
Question
Comparative balance sheets are available for Floatlin Group:
Floatlin Group
Comparative Balance Sheets
December 31, 2X13 and 2X12
2X13 2X12 2X13 2X12
Current Assets: Current Liabilities:
Cash $ 20 $ 15 Accounts Payable $ 24 $ 20
Accounts Receivable 45 37 Taxes Payable 11 15
Inventory 60 70 Note Payable 7 18
Total Current Assets $125 $122 Total Current Liab. $ 42 $ 53
Long-Term Assets: Long-Term Liabilities 80 30
Equipment $290 $200 Total Liabilities $122 $ 83
Less: Accum. Depr. (160) (140) Stockholders' Equity:
Total Long-Term Assets $130 $ 60 Common Stock $ 40 $ 40
Retained Earnings 93 59
Total Stockholders' Equity $133 $ 99
Total Liab. &
Total Assets $255 $182 Stockholders' Equity $255 $182
Prepare a common-size balance sheet for Floatlin Group at December 31, 2X13.
*TEXT, NO PIC PLEASE
Explanation / Answer
Floatin Group Common Size Balance Sheet ($) ($) (%) (%) as of as of as of as of 12/31/20X3 12/31/20X2 12/31/20X3 12/31/20X2 Current assets Cash $20 $15 7.84% 8.24% Accounts receivable 45 37 17.65% 20.33% Inventory 60 70 23.53% 38.46% Total current assets $125 $122 49.02% 67.03% Total fixed assets (Equipment) 130 60 50.98% 32.97% Total Assets $255 $182 100.00% 100.00% Current liabilities Accounts payable $24 $20 9.41% 10.99% Taxes Payable 11 15 4.31% 8.24% Notes payable 7 18 2.75% 9.89% Total current liabilities $42 $53 16.47% 29.12% Long-term debt 80 30 31.37% 16.48% Total liabilities 122 83 47.84% 45.60% Stockholders’ equity Common Stock 40 40 15.69% 21.98% Retained Earnings 93 59 36.47% 32.42% Total liabilities and equity $255 $182 100.00% 100.00%
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