Balance sheet data for Otter Creek Company on December 31, the end of the fiscal

Question

Balance sheet data for Otter Creek Company on December 31, the end of the fiscal year, are shown below. 2012 2011 Current assets $ 700,000 $ 504,000 Property, plant, and equipment 945,000 770,000 Intangible assets 105,000 126,000 Current liabilities 280,000 294,000 Long- term liabilities 595,000 560,000 Common stock 140,000 140,000 Retained earnings 735,000 406,000 Prepare a comparative balance sheet for 2012 and 2011, stating each asset as a percent of total assets and each liability and stockholders

Explanation / Answer

2012

2011

current assets

40%

36%

PP&E

54%

55%

intangible

6%

9%

total assets

100%

100%

current liabilites

16%

21%

long term liabilities

34%

40%

common stock

8%

10%

retained earnings

42%

29%

total Liabiltiies and equity

100%

100%

Divide each number by total assets or total liabilities and equity and multiply by 100 to get the percent.

2012

2011

current assets

40%

36%

PP&E

54%

55%

intangible

6%

9%

total assets

100%

100%

current liabilites

16%

21%

long term liabilities

34%

40%

common stock

8%

10%

retained earnings

42%

29%

total Liabiltiies and equity

100%

100%

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