edugen wil eyplus.com Unit 8: Final Exam Review WileyPLUS Unit 8: Final Exam Rev
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edugen wil eyplus.com Unit 8: Final Exam Review WileyPLUS Unit 8: Final Exam Review Kimmel, Accounting, 6e Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES AC202-Final Exam Review Exercise 13-5 Your answer is partially correct. Try again EExercise 12-1 Exercise 12-5 Exercise 13-5 Suppose the comparative balance sheets of Kingbird, Inc. are presented here KINGBIRD, INC. Condensed Balance Sheet May 31 ($ in millions) Exercise Par l Submission) xercise 14 2017 2016 (Part Level Assets $9,630 $8,710 1,850 1,600 $13,160 $12,160 Current Assets 2,000 1,530 Do It! Revie 15-2 Property, plant, and equipment (net) Other assets Exercise 15-5 (PartTotal assets Level Submission) Liabilities and Stockholders' Equity Current Liabilities Long-term liabilities Stockholders' equity Total liabilities and stockholders' equity xercise Pa $3,240 $3,330 1,230 1,290 7,540 $13,160 $12,160 xercise (Part Level Submission) 8,690 It! Review 16 (Part Level Submission) Do It! Review 17-1 Do It! Review 17-2 (Part Level (a) Prepare a horizontal analysis of the balance sheet data for Kingbird, using 2016 as a base. (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, eg. 12.1%.) KINGBIRD, INC.Explanation / Answer
Answer
>While doing vertical analysis of Balance Sheet, each asset section component is compared with the totals asset and each liability-equity component is compared with total ‘liability – equity’ value to calculated percentage figure.
>Example: Current Asset % value = (Current Asset Value/Total Assets value) x 100
You have managed to do the calculation part almost correct.
You forgot to convert your ‘filled in’ figure from decimal to “percentage decimal value” by multiplying the same by ‘100’.
$ (in millions)
Percent
ASSETS
Current Assets
$ 9,630.00
73.2%
Property, Plant Equipment
$ 2,000.00
15.2%
Other Assets
$ 1,530.00
11.6%
Total Assets
$ 13,160.00
100.0%
LIABILITIES & STOKHOLDERS' EQUITY
Current Liabilities
$ 3,240.00
24.6%
Long Tern Liabilities
$ 1,230.00
9.3%
Stockholder's Equity
$ 8,690.00
66.0%
Total Liabilities & Stockholder's Equity
$ 13,160.00
100.0%
$ (in millions)
Percent
ASSETS
Current Assets
$ 9,630.00
73.2%
Property, Plant Equipment
$ 2,000.00
15.2%
Other Assets
$ 1,530.00
11.6%
Total Assets
$ 13,160.00
100.0%
LIABILITIES & STOKHOLDERS' EQUITY
Current Liabilities
$ 3,240.00
24.6%
Long Tern Liabilities
$ 1,230.00
9.3%
Stockholder's Equity
$ 8,690.00
66.0%
Total Liabilities & Stockholder's Equity
$ 13,160.00
100.0%
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