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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