Chapter 17 Assignment References Mailings Review View No Spacing ,115 16 QUESTIO

Question

Chapter 17 Assignment References Mailings Review View No Spacing ,115 16 QUESTION 2 The comparative balance sheet for Seasons Corp is shown below. Express the balance sheet in common-size percentages. (Round all percentages to two decimals) Seasons Corp. Comparative Balance Sheet December 31, Years 1-3 Year 3 Year 2 Year 1 Cash Accounts recevable Merchandise inventory Plant and equipment (net) Total Assets S 15,000 S 23,000 17,000 27.000 73.000 1000 182,000 S 584.000 516,000 299,000 69.000 I 27 157,000 343,000 109,000 S 113,000 49,000 S 47,000 143,000 62.000 250,000 150,000 40,000 299,000 Account payable Bonds payabe Common shares Retained earnings Total Liabiliries and Equity S 584,000 S 16,000 121.000 250,000 100,000 74,000 Year 3 Year 2 Year 1 Cash

Explanation / Answer

Balance sheet in common size percentage :

Year 3 Year 2 Year1 Cash 2.57% 4.46% 5.69% Account receivable 11.82% 6.40% 9.03% Merchandise inventory 26.88% 21.12% 24.41% Plant and equipment 58.73% 68.02% 60.87% Total assets 100% 100% 100% Account payable 19.35% 9.50% 15.71% Bonds payable 20.72% 27.71% 20.74% Common share 42.81% 48.45% 50.17% Retained earnings 17.12% 14.34% 13.38% Total liabilities and shareholder's equity 100% 100% 100%

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