Using Horizontal analysis, create a comparative balance sheet CCOUNTING Comparat

Question

Using Horizontal analysis, create a comparative balance sheet

CCOUNTING Comparative Balance Sheet OCIETY Teddy's Trucks Comparative Balance Sheet December 31, 2017 and 2016 Assets 2017 2016 Current Assets: Cash Accounts Receivable, Net Merchandise Inventory Prepaid Rent 60,000 80,000 150,000 140,000 30,000 380,000 Total Current Assets 260,000 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation - Equipment Total Property, Plant, and Equipment 5 400,000 (60,000) 340,000 $ 720,000 $ 191,000 (42,400) s 148,600 $ 408,600 Total Assets

Explanation / Answer

Teddy's Truck

Comparative Balance sheet

Horozontal analysis

Teddy's Truck

Comparative Balance sheet

Horozontal analysis

Increase/(decrease)    [2017-2016] %     [Increase /(Decrease)/2016] Asset current asset cash -20000       [60000-80000] -20000/80000    = .25 or 25% Accounts receivable 50000 50% merchandise inventory 70000 100% prepaid rent 20000 200% Total current asset 120000 46.15 property plant and equipment Equipment 209000 109.42% Accumulated depreciation- equipment (17600) (41.51%) Total property plant and equipment 191400 128.80% Total asset 311400 76.21% Liabilities and stockholders equity current liabilities Accounts payable 110000 275% Unearned revenue (10000) (20%) salaries payable 10000 33.33% Federal Income taxes payable 0 0% Total current liabilities 110000 84.62% long term liabilities Note payable 100000 100% Total lliabilities 210000 161.54% stockholders equity common stock 51400 52.13% paid in capital in excess of par 20000 100% Retained earning 30000 16.67% Total stockholders equity 101400 36.40% Total liabilities and stockholders equity 311400 76.21%

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