Balance sheet data for Hanes Company on December 31, the end of the fiscal year,
ID: 2497259 • Letter: B
Question
Balance sheet data for Hanes Company on December 31, the end of the fiscal year, are shown below.
Hint(s
Prepare a comparative balance sheet for 2014 and 2013, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place.
Hanes Company
Comparative Balance Sheet
December 31, 2014 and 2013
2014 Amount
2014 Percent
2013 Amount
2013 Percent
Current assets
$ 282,150
%
$ 166,660
%
Property, plant, and equipment
461,700
%
435,880
%
Intangible assets
111,150
%
38,460
%
Total assets
$ 855,000
%
$ 641,000
%
Current liabilities
$ 162,450
%
$ 96,150
%
Long-term liabilities
333,450
%
256,400
%
Common stock
94,050
%
83,330
%
Retained earnings
265,050
%
205,120
%
Total liabilities and stockholders' equity
$ 855,000
%
$ 641,000
%
2014 2013 Current assets $282,150 $166,660 Property, plant, and equipment 461,700 435,880 Intangible assets 111,150 38,460 Current liabilities 162,450 96,150 Long-term liabilities 333,450 256,400 Common stock 94,050 83,330 Retained earnings 265,050 205,120Explanation / Answer
Hanes Company
Comparative Balance Sheet
December 31, 2014 and 2013
2014 Amount
2014 Percent
2013 Amount
2013 Percent
Current assets
$ 282,150
33.0%
$ 166,660
26.0%
(282150 / 855000)
(166660 / 641000)
Property, plant, and equipment
$ 461,700
54.0%
$ 435,880
68.0%
(461700 / 855000)
(435880 / 641000)
Intangible assets
$ 111,150
13.0%
$ 38,460
6.0%
(111150 / 855000)
(38460 / 641000)
Total assets
$ 855,000
100.0%
$ 641,000
100.0%
Current liabilities
$ 162,450
19.0%
$ 96,150
15.0%
(162450 / 855000)
(96150 / 641000)
Long-term liabilities
$ 333,450
39.0%
$ 256,400
40.0%
(333450 / 855000)
(256400 / 641000)
Common stock
$ 94,050
11.0%
$ 83,330
13.0%
(94050 / 855000)
(83330 / 641000)
Retained earnings
$ 265,050
31.0%
$ 205,120
32.0%
(265050 / 855000)
(205120 / 641000)
Total liabilities and stockholders' equity
$ 855,000
100.0%
$ 641,000
100.0%
Hanes Company
Comparative Balance Sheet
December 31, 2014 and 2013
2014 Amount
2014 Percent
2013 Amount
2013 Percent
Current assets
$ 282,150
33.0%
$ 166,660
26.0%
(282150 / 855000)
(166660 / 641000)
Property, plant, and equipment
$ 461,700
54.0%
$ 435,880
68.0%
(461700 / 855000)
(435880 / 641000)
Intangible assets
$ 111,150
13.0%
$ 38,460
6.0%
(111150 / 855000)
(38460 / 641000)
Total assets
$ 855,000
100.0%
$ 641,000
100.0%
Current liabilities
$ 162,450
19.0%
$ 96,150
15.0%
(162450 / 855000)
(96150 / 641000)
Long-term liabilities
$ 333,450
39.0%
$ 256,400
40.0%
(333450 / 855000)
(256400 / 641000)
Common stock
$ 94,050
11.0%
$ 83,330
13.0%
(94050 / 855000)
(83330 / 641000)
Retained earnings
$ 265,050
31.0%
$ 205,120
32.0%
(265050 / 855000)
(205120 / 641000)
Total liabilities and stockholders' equity
$ 855,000
100.0%
$ 641,000
100.0%
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