Question 1 The comparative condensed balance sheets of Gurley Corporation are pr

Question

Question 1 The comparative condensed balance sheets of Gurley Corporation are presented below GURLEY CORPORATION Comparative Condensed Balance Sheets December 31 2017 2016 Assets Current assets Property, plant, and equipment (net) Intangibles $ 74,500 80,400 88,000 38,200 $198,300 $206,600 98,800 25,000 Total assets Liabilities and stockholders' equity Current liabilities Long-term liabilities Stockholders' equity $42,600 47,200 150,600 8,800 $198,300 $206,600 142,000 13,700 Total liabilities and stockholders' equity

Explanation / Answer

GURLEY CORPORATION Condensed Balance Sheets December 31 2017 2016 Increase(decrease) % change Assets    Current Assets 74500 80400 -5900 -7.3%    Property, Plant & Equipment (net) 98800 88000 10800 12.3%    Intangibles 25000 38200 -13200 -34.6% Total assets 198300 206600 -8300 -4.0% Liabilities and Stockholders' Equity      Current Liabilities 42600 47200 -4600 -9.7%    Long-term Liabilities 142000 150600 -8600 -5.7%    Stockholders' Equity 13700 8800 4900 55.7% Total liabilities and stockholders' equity 198300 206600 -8300 -4.0% 2 GURLEY CORPORATION Condensed Balance Sheet December 31, 2017 Amount % Assets    Current Assets 74500 37.6%    Property, Plant & Equipment (net) 98800 49.8%    Intangibles 25000 12.6% Total assets 198300 100.0% Liabilities and Stockholders' Equity      Current Liabilities 42600 21.5%    Long-term Liabilities 142000 71.6%    Stockholders' Equity 13700 6.9% Total liabilities and stockholders' equity 198300 100.0%

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