WHAT IS THE PERCENTAGE FOR EACH? LOGIC COMPANY Comparative Balance Sheet Decembe
ID: 2384451 • Letter: W
Question
WHAT IS THE PERCENTAGE FOR EACH?
LOGIC COMPANYComparative Balance Sheet
December 31, 2014 and 2015 2015 2014 Amount Percent Amount Percent Assets Current assets: Cash $ 12,000 $ 9,000 Accounts receivable 16,500 12,500 Merchandise inventory 8,500 14,000 Prepaid expenses 24,000 10,000 Total current assets $ 61,000 $ 45,500 Plant and equipment: Building (net) $ 14,500 $ 11,000 Land 13,500 9,000 Total plant and equipment $ 28,000 $ 20,000 Total assets $ 89,000 $ 65,500 Liabilities Current liabilities: Accounts payable $ 13,000 $ 7,000 Salaries payable 7,000 5,000 Total current liabilities $ 20,000 $ 12,000 Long-term liabilities: Mortgage note payable 22,000 20,500 Total liabilities $ 42,000 $ 32,500 Stockholders’ Equity Common stock $ 21,000 $ 21,000 Retained earnings 26,000 12,000 Total stockholders’ equity $ 47,000 $ 33,000 Total liabilities and stockholders’ equity $ 89,000 $ 65,500
WHAT IS THE PERCENTAGE FOR EACH?
Explanation / Answer
LOGIC COMPANY
Comparative Balance Sheet
December 31, 2014 and 2015
2015
2014
Amount
Percent
Amount
Percent
Assets
Current assets:
Cash
$12,000
13.48%
$9,000
13.74%
Accounts receivable
$16,500
18.53%
$12,500
19.08%
Merchandise inventory
$8,500
9.55%
$14,000
21.37%
Prepaid expenses
$24,000
26.96%
$10,000
15.27%
Total current assets
$61,000
68.54%
$45,500
69.47%
Plant and equipment:
Building (net)
$14,500
16.29%
$11,000
16.79%
Land
$13,500
15.17%
$9,000
13.74%
Total plant and equipment
$28,000
31.46%
$20,000
30.53%
Total assets
$89,000
100.00%
$65,500
100.00%
Liabilities:
Current liabilities:
Accounts payable
$13,000
14.61%
$7,000
10.69%
Salaries payable
$7,000
7.87%
$5,000
7.63%
Total current liabilities
$20,000
22.47%
$12,000
18.32%
Long-term liabilities:
Mortgage note payable
$22,000
24.72%
$20,500
31.30%
Total liabilities
$42,000
47.19%
$32,500
49.62%
Stockholders’ Equity
Common stock
$21,000
23.60%
$21,000
32.06%
Retained earnings
$26,000
29.21%
$12,000
18.32%
Total stockholders’ equity
$47,000
52.81%
$33,000
50.38%
Total liabilities and stockholders’ equity
$89,000
100.00%
$65,500
100.00%
Calculation Formula = Concern Item Amount / Total liabilities and stockholders’ equity*100
LOGIC COMPANY
Comparative Balance Sheet
December 31, 2014 and 2015
2015
2014
Amount
Percent
Amount
Percent
Assets
Current assets:
Cash
$12,000
13.48%
$9,000
13.74%
Accounts receivable
$16,500
18.53%
$12,500
19.08%
Merchandise inventory
$8,500
9.55%
$14,000
21.37%
Prepaid expenses
$24,000
26.96%
$10,000
15.27%
Total current assets
$61,000
68.54%
$45,500
69.47%
Plant and equipment:
Building (net)
$14,500
16.29%
$11,000
16.79%
Land
$13,500
15.17%
$9,000
13.74%
Total plant and equipment
$28,000
31.46%
$20,000
30.53%
Total assets
$89,000
100.00%
$65,500
100.00%
Liabilities:
Current liabilities:
Accounts payable
$13,000
14.61%
$7,000
10.69%
Salaries payable
$7,000
7.87%
$5,000
7.63%
Total current liabilities
$20,000
22.47%
$12,000
18.32%
Long-term liabilities:
Mortgage note payable
$22,000
24.72%
$20,500
31.30%
Total liabilities
$42,000
47.19%
$32,500
49.62%
Stockholders’ Equity
Common stock
$21,000
23.60%
$21,000
32.06%
Retained earnings
$26,000
29.21%
$12,000
18.32%
Total stockholders’ equity
$47,000
52.81%
$33,000
50.38%
Total liabilities and stockholders’ equity
$89,000
100.00%
$65,500
100.00%
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