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Balance sheet data for Atlas Fitness Equipment Company onDecember 31, the end of

ID: 2445987 • Letter: B

Question

Balance sheet data for Atlas Fitness Equipment Company onDecember 31, the end of the fiscal year, are as follows:                                                                                  2003                     2002 Currentassets                                                      $180,000               $150,000 Property, plant andequipment                               340,000                330,000 Intangibleassets                                                      30,000                  35,000 Currentliabilities                                                    120,000                125,000 Long-termliabilities                                                175,000                 150,000 Commonstock                                                        50,000                   40,000 Retainedearnings                                                   205,000                  200,000 Prepare a comparative balance sheet for 2003 and 2002, statingeach asset as a percent of total assets and each liability andstockholders' equity item as a percent of the total liabilities andstockholders' equity. Round to two digits after the decimalplace. Balance sheet data for Atlas Fitness Equipment Company onDecember 31, the end of the fiscal year, are as follows:                                                                                  2003                     2002 Currentassets                                                      $180,000               $150,000 Property, plant andequipment                               340,000                330,000 Intangibleassets                                                      30,000                  35,000 Currentliabilities                                                    120,000                125,000 Long-termliabilities                                                175,000                 150,000 Commonstock                                                        50,000                   40,000 Retainedearnings                                                   205,000                  200,000 Prepare a comparative balance sheet for 2003 and 2002, statingeach asset as a percent of total assets and each liability andstockholders' equity item as a percent of the total liabilities andstockholders' equity. Round to two digits after the decimalplace.

Explanation / Answer

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