Problem 24-4 Presented below is the comparative balance sheet for Whispering Com

Question

Problem 24-4

Presented below is the comparative balance sheet for Whispering Company.

WHISPERING COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2018 AND 2017

December 31

2018

2017

Prepare a comparative balance sheet of Whispering Company showing the percent each item is of the total assets or total liabilities and stockholders’ equity. (Round percentages to 2 decimal places, e.g. 2.25%. For accumulated depreciation, enter percentages using either a negative sign preceding the number e.g. -2.25% or parentheses e.g. (2.25)%.)

WHISPERING COMPANY
Comparative Balance Sheet
December 31, 2018 and 2017

December 31

Assets

2018

2017

Liabilities and Stockholders’ Equity

Prepare a comparative balance sheet of Whispering Company showing the dollar change and the percent change for each item. (If there is a decrease from 2017 to 2018, then enter the amounts and percentages with either a negative sign, i.e. -92,000, -25.25 or parenthesis, i.e. (92,000), (25.25))

WHISPERING COMPANY
Comparative Balance Sheet
December 31, 2018 and 2017

December 31

Increase or (Decrease)

Assets

2018

2017

$ Change

% Change

Liabilities and Stockholders’ Equity

WHISPERING COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2018 AND 2017

December 31

2018

2017

Assets Cash $178,200 $275,600 Accounts receivable (net) 219,200 156,500 Short-term investments 272,400 149,600 Inventories 1,070,300 984,000 Prepaid expenses 24,900 24,900 Plant & equipment 2,602,300 1,938,700 Accumulated depreciation (997,800) (749,600) $3,369,500 $2,779,700 Liabilities and Stockholders’ Equity Accounts payable $50,500 $74,300 Accrued expenses 169,000 199,600 Bonds payable 446,600 189,100 Capital stock 2,117,100 1,782,700 Retained earnings 586,300 534,000 $3,369,500 $2,779,700

Explanation / Answer

Whispering Company Common size balance sheet (A) (B) C )=(A)-(B) Amount(2018) Amount(2017) Absolute Change % Change=(c )/(B) Cash $      178,200.00 $                       275,600.00 $                  (97,400.00) -35.34% Accounts Receivable(net) $      219,200.00 $                       156,500.00 $                    62,700.00 40.06% Short Term Investments $      272,400.00 $                       149,600.00 $                  122,800.00 82.09% Inventories $ 1,070,300.00 $                       984,000.00 $                    86,300.00 8.77% Prepaid Expenses $        24,900.00 $                         24,900.00 $                                   -   0.00% Plant & Equipment $ 2,602,300.00 $                   1,938,700.00 $                  663,600.00 34.23% Accumulated Depreciation $   (997,800.00) $                     (749,600.00) $               (248,200.00) 33.11% Total Assets $ 3,369,500.00 $                   2,779,700.00 $                  589,800.00 162.92% Accounts Payable $        50,500.00 $                         74,300.00 $                  (23,800.00) -32.03% Accrued Expenses $      169,000.00 $                       199,600.00 $                  (30,600.00) -15.33% Bonds Payable $      446,600.00 $                       189,100.00 $                  257,500.00 136.17% Capital Stock $ 2,117,100.00 $                   1,782,700.00 $                  334,400.00 18.76% Retained Earnings $      586,300.00 $                       534,000.00 $                    52,300.00 9.79% Total $ 3,369,500.00 $                   2,779,700.00 $                  589,800.00 117.36%

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