Exercise 14-3 GURLEY CORPORATION Comparative Condensed Balance Sheets December 3
ID: 2413817 • Letter: E
Question
Exercise 14-3
GURLEY CORPORATION
Comparative Condensed Balance Sheets
December 31
2017
2016
2017
2016
Increase
(Decrease)
Percentage
Change from 2016
Assets
Current assets
$ 73,500
$ 78,200
Property, plant & equipment (net)
97,100
88,200
Intangibles
Total assets
Liabilities and stockholders' Equity
Current liabilities
$ 41,000
$ 48,400
Long-term liabilities
140,000
150,000
Stockholders' equity
Total liabilities and stockholders' equity
Amount
Percent
Assets
Current assets
$ 73,500
Property, plant, and equipment (net)
97,100
Intangibles
Total assets
Liabilities and stockholders' equity
Current liabilities
$ 41,000
Long-term liabilities
140,000
Stockholders' equity
Total liabilities and stockholders' equity
Exercise 14-3
The comparative condensed balance sheets of Gurley Corporation are presented below.GURLEY CORPORATION
Comparative Condensed Balance Sheets
December 31
2017
2016
Assets Current assets $ 73,500 $ 78,200 Property, plant, and equipment (net) 97,100 88,200 Intangibles 27,000 42,000 Total assets $ 197,600 $ 208,400 Liabilities and stockholders’ equity Current liabilities $ 41,000 $ 48,400 Long-term liabilities 140,000 150,000 Stockholders’ equity 16,600 10,000 Total liabilities and stockholders’ equity $ 197,600 $ 208,400(a)
Prepare a horizontal analysis of the balance sheet data for Gurley Corporation using 2016 as a base. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)
GURLEY CORPORATION
Condensed Balance Sheets
For the Year Ended December 31 For the Quarter Ended December 31 December 31
2017
2016
Increase
(Decrease)
Percentage
Change from 2016
Assets
Current assets
$ 73,500
$ 78,200
$ %Property, plant & equipment (net)
97,100
88,200
%Intangibles
27,000 42,000 %Total assets
$ 197,600 $ 208,400 $ %Liabilities and stockholders' Equity
Current liabilities
$ 41,000
$ 48,400
$ %Long-term liabilities
140,000
150,000
%Stockholders' equity
16,600 10,000 %Total liabilities and stockholders' equity
$ 197,600 $ 208,400 $ %(b)
Prepare a vertical analysis of the balance sheet data for Gurley Corporation in columnar form for 2017. (Round percentages to 1 decimal place, e.g. 12.3%.)
GURLEY CORPORATION
Condensed Balance Sheet
For the Quarter Ended December 31, 2017 December 31, 2017 For the Year Ended December 31, 2017
Amount
Percent
Assets
Current assets
$ 73,500
%Property, plant, and equipment (net)
97,100
%Intangibles
27,000 %Total assets
$ 197,600 %Liabilities and stockholders' equity
Current liabilities
$ 41,000
%Long-term liabilities
140,000
%Stockholders' equity
16,600 %Total liabilities and stockholders' equity
$ 197,600 %Explanation / Answer
GURLEY CORPORATION Condensed Balance Sheets December 31 2017 2016 Increase (Decrease) % change Assets: Current assets 73500 78200 -4700 -6.0% Property, plant & equipment (net) 97100 88200 8900 10.1% Intangibles 27000 42000 -15000 -35.7% Total assets 197600 208400 -10800 -5.2% Liabilities and stockholders' Equity Current liabilities 41000 48400 -7400 -15.3% Long-term liabilities 140000 150000 -10000 -6.7% Stockholders' equity 16600 10000 6600 66.0% Total liabilities and stockholders' equity 197600 208400 -10800 -5.2% b Condensed Balance Sheet December 31, 2017 Amount Percent Assets: Current assets 73500 37.2% Property, plant & equipment (net) 97100 49.1% Intangibles 27000 13.7% Total assets 197600 100.0% Liabilities and stockholders' Equity Current liabilities 41000 20.7% Long-term liabilities 140000 70.9% Stockholders' equity 16600 8.4% Total liabilities and stockholders' equity 197600 100.0%
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