E14-1 Financial information for Blevins Inc. is presented below. December 31, 20
ID: 2384722 • Letter: E
Question
E14-1Financial information for Blevins Inc. is presented below.
December 31, 2012 December 31, 2011
Current assets $125,000 $100,000
Plant assets (net) 396,000 330,000
Current liabilities 91,000 70,000
Long-term liabilities 133,000 95,000
Common stock, $1 par 161,000 115,000
Retained earnings 136,000 150,000
Complete the schedule showing a horizontal analysis for 2012 using 2011 as the base year. (If amount is a decrease, use either a negative sign preceding the number eg -45 or parentheses eg (45). Round percentages to 1 decimal place, e.g. 10.5. List items in the order given in the question.)
BLEVINS INC.
Condensed Balance Sheet
December 31
Increase or (Decrease)
2012
2011
Amount
Percentage
Assets
Plant assets (net)Current assetsLong-term liabilitiesCommon stock, $1 parCurrent liabilitiesRetained earnings $ $ $ %
Retained earningsCurrent assetsCommon stock, $1 parPlant assets (net)Current liabilitiesLong-term liabilities
%
Total assets $
$
$
%
Liabilities
Current assetsCurrent liabilitiesCommon stock, $1 parPlant assets (net)Long-term liabilitiesRetained earnings $ $ $ %
Current liabilitiesCommon stock, $1 parLong-term liabilitiesRetained earningsPlant assets (net)Current assets
%
Total liabilities $
$
$
%
Stockholders' Equity
Current liabilitiesCommon stock, $1 parCurrent assetsLong-term liabilitiesPlant assets (net)Retained earnings $ $ $ %
Long-term liabilitiesCurrent liabilitiesCommon stock, $1 parRetained earningsCurrent assetsPlant assets (net)
%
Total stockholders equity $
$
$
%
Total liabilities and stockholders' equity $
$
$
%
Explanation / Answer
HORIZONTAL ANALYASIS
2009 2008 Increase / Decrease
Amount Percent
Current assets $125,000 $100,000 $25,000 25.0
Plant assets (net) 396,000 330,000 66,000 20.0
Total Assets 521,000 430,000 91,000 21.16
Current liabilities 91,000 70,000 21,000 30.0
Long-term liabilities 133,000 95,000 38,000 40.0
Total Liabilities 224,000 165,000 59,000 35.76
Common stock, $1 par 161,000 115,000 46,000 40.0
Retained earnings 136,000 150,000 (14,000) 0.93
Total owner’s equity 297,000 265,000 32,000 12.07
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