Balance sheet data for Novak Company on December 31, the end of two recent fisca

Question

Balance sheet data for Novak Company on December 31, the end of two recent fiscal years, follows: 1 Current Year Previous Year 2 Current assets $1,300,000.00 $945,000.00 3 Property, plant, and equipment 3,000,000.00 3,150,000.00 4 Intangible assets 700,000.00 405,000.00 5 Current liabilities 1,000,000.00 720,000.00 6 Long-term liabilities 1,500,000.00 1,575,000.00 7 Common stock 500,000.00 495,000.00 8 Retained earnings 2,000,000.00 1,710,000.00 Prepare a comparative balance sheet for both years, 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.

Explanation / Answer

COMPARATIVE BALANCE SHEETS

ASSETS Current Previous LIABILITY AND STOCKHOLDERS' EQUITY Current Previous Current Assets 1,300,000 26% 945,000 21% Current liabilities 1,000,000 20% 720,000 16% Property, plant and equipment 3,000,000 60% 3,150,000 70% Long-term liuabilities 1,500,000 30% 1,575,000 35% Intangible assets 700,000 14% 405,000 9% Common Stock 500,000 10% 495,000 11% Retained earnings 2,000,000 40% 1,710,000 38% 5,000,000 4,500,000 5,000,000 4,500,000 100% 100% 100% 100%

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